TaxTMI 
TaxTMI 
2020 (4) TMI 537
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....dated 28.12.2016. 2. The appeal filed by the Revenue in ITA No.971/Kol/2018 for Assessment Year 2014-15 is barred by limitation by 38 days. The Revenue filed a petition for condonation of delay requesting the Bench to condone the delay. We have heard ld. DR for the Revenue and having regard to the reasons given in the petition for condonation of delay, we condone the delay and admit the appeal for hearing. 3. The grounds of appeal raised by the Revenue are as follows: "01. Whether on the facts and in the circumstances of the cases and in law, the Ld. CIT(A) was justified in deleting the addition of Rs. 20624601/- on account of estimated net profit? 02. Whether on the facts and in the circumstances of the case and in law, the order of ....
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.... verification of the sudden losses in the relevant year in which share applicants have poured in money for a stake in fortunes of the loss making assessee company, certain documents and evidences were sought by issue of statutory notices. Among them were particulars of purchase and sale of goods, and the output of manufactured products in relation to consumption of electricity. The purchase and sale details were sought numerous times through statutory notices including summons to Director Mr. Sandeep Goyal, served through email and in person, which are summarized below: a) 142(1) date 8/8/2016: Point no. 15 calling for purchase and sale details in specified format. b) Letter date 6/9/2016: For compliance of 142(1) notice date 8/8/2016....
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....rn of Income) proposing rejection the claims made in the audited books of accounts and re-computation of the income of the assessee company by determining profit of the company at the rate equivalent to the rate of gross profit of FY 2012-13 to determine the net assessed income by adjustment of other claims as may be apparent from the evidences gathered during the proceedings. The notice proposing rejection of books of account was duly served on the assessee on the email address given in the ITR (Email:[email protected]). Since no reply was given to my proposal of rejection of the books of account of the assessee company within the 3 days' time ending on 26/12/2016, I hereby reject the books of accounts of the assessee and proceed t....
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....eply was forthcoming till the date of this assessment. I am therefore inclined to disallow the expenditure on foreign currency fluctuation and add back the sum of Rs. 15,25,69,000 to the income of the assessee of the relevant previous year. But since the books of account of the assessee had already been rejected for arriving at the net assessable profit of the relevant year in the preceding paragraph, no further disallowance of expenditure, debited in the profit & loss account, is not called for in this situation." 5. Aggrieved by the addition made by the Assessing Officer, the assessee carried the matter before the ld. CIT(A) who has held that assessing officer was not justified in rejecting books of accounts of the assessee company under....
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....tion of electricity, etc. but no details were furnished during the course of the assessment proceedings. As the evidences were not produced, the Assessing Officer rejected the books of accounts and calculated the Gross Profit and Net Profit of the assessee for the Assessment Year 2014-15, in the lines of the GP & NP earned by the assessee during the assessment year 2013-14. During the course of the appellate proceedings, the assessee stated that all the details that were asked by the Assessing Officer, were submitted during the course of the assessment proceedings. On appellate hearing dated 30.11.2017, the assessee produced a chart and a number of paper books were filed giving evidences of various submissions made by the assessee during ....
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....enue is in appeal before us. 7. The ld. DR has reiterated the stand taken by the Assessing Officer which we have already noted in our earlier para and is not being repeated for the sake of brevity. 8. We heard both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the findings of the ld CIT(A) and other materials brought on record. At the time of hearing none appeared on behalf of assessee in spite of issuance of notice for hearing more than one occasion and Ld. Departmental Representative(DR), was present for the appellant Revenue. We note during the appellate proceedings assessee produced a....