2019 (4) TMI 1368

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....theesh, the Ld.counsel for the assessee, appeared and requested for adjournment. Accordingly, the appeal was adjourned to 28.01.2019. When the appeal was taken up for hearing on 28.01.2019, no one appeared for the assessee even though the Ld.counsel has taken note of date of hearing by making endorsement on order sheet. There may be various reasons for the assessee for not appearing before this Tribunal when the appeal was taken up for hearing on 28.01.2019. One of the reasons presumably that the assessee may not be interested in prosecuting the appeal. Whatever it may be, this Tribunal is expected to dispose the appeal on merit. Therefore, we heard the Ld. Departmental Representative and proceeded to dispose the appeal on merit. 3. Shri....

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....ineness of the transaction. Since the assessee failed to establish the above requirements, the CIT(Appeals) has rightly confirmed the addition made by the Assessing Officer. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 5. The next ground of appeal is with regard to disallowance of expenses for non-production of bills / vouchers. 6. Shri AR.V. Sreenivasan, the Ld. D.R. submitted that the assessee claimed expenses to the extent of Rs. 12,30,48,321/-. However, the assessee could not produce bills / vouchers for the expenditure. Therefore, according to the Ld. D.R., the Assessing Officer disallowed the expenses on estimate basis at 30% which....

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....y and if it is found correct, it has to be allowed. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 8. The next issue arises for consideration is disallowance of current liabilities. 9. Shri AR.V. Sreenivasan, the Ld. D.R. submitted that the assessee did not file return of income for subsequent assessment years. According to the Ld. D.R., the assessee claimed before the Assessing Officer that the business was closed down. The assessee did not have any evidence to show that whether the current liabilities and provisions were actually paid or not during the assessment year under consideration. Therefore, according to the Ld. D.R., the Assessing ....