TaxTMI 
TaxTMI 
2017 (6) TMI 180
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....rder of the CIT (A)-VII dated 24.03.2015 holding the return of income filed by the assessee as non-est. Date of Hearing: 12.04.2017 Date of Pronouncement: 02.06.2017 3. Brief facts of the case are that the assessee is a company which is engaged in the business of processing and sale of milk and milk products. It filed its return of income for the A.Y 2004-05 on 20.10.2004 declaring a loss of Rs. 63,43,910. During the course of the assessment proceedings u/s 143(3) of the Act, the AO called for certain information. The assessee's representative appeared and filed the required information. The AO observed that the assessee company is mainly engaged in the activities of procurement of milk from farmers in Andhra Pradesh, process the same into....
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....he assessee preferred an appeal before the CIT (A) stating that the delay in statutory audit is due to the backlog of audit of earlier years and unless the earlier year's audit is completed, the statutory audit for the next year could not be completed and that the statutory audits for the earlier years is also delayed considerably due to change in the system of accounting. The AO, thus explained the reason for the deficiency. The CIT (A) however, was not convinced with the assessee's contention and held that the assessee is required to file the return of income along with the audited report and the assessee being a State owned company, running with public fund should have been careful in running its business as well as in complying with the....
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....h a direction to recompute the income of the assessee on the basis of the audited accounts of the assessee, if they are available now. 8. In the result, assessee's appeals for the A.Ys 2004-05, 2005-06 and 2011-12 are treated as allowed for statistical purposes. ITA No.743/Hyd/2015 9. This appeal is against the order of the CIT (A)-VII dated 21.4.2015 confirming the penalty levied by the AO u/s 271B of the Act. 10. Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a notice u/s 271D for levy of penalty for non filing of the audit report. The assessee explained that the audit r....
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.... 143(3) of the Act for all the respective A.Ys, the AO observed that the assessee has debited interest as payable to government loans, but that these were not paid to the govt. account. To verify this aspect, the assessment was reopened by issuance of a notice u/s 148 of the Act. The assessee filed the details called for. The AO observed that the assessee has debited the interest as paid to the govt. on loans taken and in the earlier years, the AO had disallowed the same u/s 43B of the Act. He accordingly disallowed the same in these A.Ys as well. Aggrieved, the assessee preferred appeals before the CIT (A), who granted relief to the assessee against which the Revenue is in appeal before us. 15. The learned DR relied upon the order of the ....