2018 (11) TMI 1006

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.... not on the facts and circumstances of the case. 2. Whether the CIT(A) is erred in allowing the difference of Rs. 2,95,43,962/-. As per assessee an outstanding secured loan of Rs. 5,90,99,428/-. Whereas per Bank Loan Account the outstanding loan was at Rs. 2,95,55,466/-. In view of Rule 46A, since the Assessing Officer has not been given a reasonable opportunity by the Hon'ble CIT(A) to cross verify and give his comments 3. Whether the CIT(A) erred in allowing the loans by obtaining mere ledger copies for having received various loans and packing credits and term loan and the balances as on 31.03.2012. 4. Whether the CIT(A) erred in accepting the additional evidence i.e. confirmation letter from bank which is not produced befor....

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....cknowledgement available on record. On 15.11.2018, none appeared on behalf of the assessee and therefore, the appeal of the revenue was heard ex-parte qua the assessee. The ld. DR of revenue submitted that as per ground no. 2 of the appeal raised by the revenue, this is the objection of the revenue that the order of ld. CIT(A) is in violation of Rule 46A of Income Tax Rules, 1962. The bench wanted to know about the additional evidence which has been considered by CIT(A) to decide the issue without confronting the same to the AO. In reply, it was submitted by ld. DR of revenue that as per para no. 7 of the impugned order of ld. CIT(A), he has stated that the AO during the scrutiny assessment proceedings has written to Andhra Bank Manager for....

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....t debited to P&L account. During the appellate proceedings the appellant furnished the copies of the confirmation letters from Andhra Bank, Jayanagara Branch along with the ledger copies for having received various loans and packing credit and term loan and the balances as on 31/03/2012, submitting that as per the appellant's books a sum of Rs. 5,90,99,428/- was due to the bank and the same is duly explained. As per the appellant's books the loans due to Andhra Bank as on 31.03.2012 were as follows : Secured Loans : 1. Andra Bank - PC 2,97 ,20,828-00 2. Andra Bank - PC 001 12,00,000-00 3. Andra Bank - PC 002 25,00,000-00 4. Andra Bank - PC 003 10,00,000-00 5. Andra Bank - PC 004 5,00,000-00 6. Andra Bank -....

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....o interest on PC Account has been reported by bank. So the total interest amount of Rs. 77,53,990/- is confirmed by the bank. Therefore the difference of Rs. 24,30,593/- being the difference between the interest debited to profit and loss account and the interest supposed to have been confirmed by the bank is disallowed and added to income. 7.2 I have perused the bank statements of various loans and also confirmation letters received from bank and the ledger extracts. In view of the facts of the case that the confirmation received from the bank, it is inferred that the balances shown in the books of account are in accordance with the bank records, therefore, the grounds taken on the discrepancy in the bank loan balances and bank interest....