TaxTMI 
TaxTMI 
2020 (5) TMI 167
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....ch warrant is in joint names, the assessment should have been made as an AOP and therefore, the present assessment in individual capacity of the assessee is bad in law. As per Additional Grounds No. 2, the assessee has raised this objection that that the interest charged u/s 158 BFA (1) should be deleted. As per Additional Grounds No. 3, the assessee has raised this objection that that the levy of surcharge should be cancelled. Various original grounds are raised on technical issue and on merit. Ground No. 1 is general. As per Ground No. 2, this is the request of the assessee that addition of Rs. 95,21,594/- is erroneous and excessive. As per Ground Nos. 3 to 6, this is the main grievance of the assessee that income reported by the assessee....
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.... itself is illegal and therefore, the consequent block assessment is bad in law. Regarding this technical objection, we find that an Explanation had been inserted in section 132 by the Finance Act, 2017 w.r.e.f. 01.04.1962 to the effect that the reasons to believe recorded by the income tax authorities under this section shall not be disclosed to any person or any authority or the Appellate Tribunal. The assessee also has not produced any material in support of this ground and therefore, we do not find any reason to interfere in the order of CIT (A) on this issue. Therefore, we hold that these grounds are not maintainable. 4. Now we decide various issues raised on merit. As per Ground No. 2 of original grounds, this is the grievance of th....
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....only is considered as source of cash and gold found then the amount of depreciation allowable should be added to such accepted source because such income declared u/s 44AE is after reducing allowable depreciation from real cash income and therefore to work out the cash available with the assessee on account of such income should be such income and the amount of allowable depreciation. But there is no finding of AO or CIT (A) about the amount of depreciation allowable on these four trucks during the block period and therefore, we remit this matter back to AO to decide this issue after allowing reasonable opportunity of being heard to the assessee. These grounds are allowed for statistical purposes. 5. The next issue on merit is raised by th....
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.... the assessee is claiming it as business loss and not as bad debt u/s 36 (1) (vii). Such claim as bad debt is neither claimable nor allowable for this reason alone that the requirements of section 36 (2) cannot be satisfied for nonrecovery of trade advances. Hence, we will it proper to remand this matter also to the AO for a fresh decision about the claim of the assessee as business loss. We order accordingly and direct the AO to decide this issue by a speaking and reasoned order after affording adequate opportunity of being heard to the assessee. Ground No. 7 is also allowed for statistical purposes. 6. Next issue is as per Additional Grounds No. 2 where the assessee has raised this objection that that the interest charged u/s 158 BFA (1)....