TaxTMI 
TaxTMI 
TaxTMI 
2020 (11) TMI 599
X X X X Extracts X X X X
X X X X Extracts X X X X
....312/- under the normal provisions of the Act and book profit of Rs. 5,04,720/- u/s 115JB of the Act. During the year under consideration, the assessee had received loan of Rs. 17,16,547/- and Rs. 1,25,000/- from Shri Vinod Agarwal and Shri Gopal Bajoria respectively. In order to verify the said loan, notices u/s 133(6) were issued by the AO to Shri Vinod Agarwal and Shri Gopal Bajoria. The Notice sent to Shri Vinod Agarwal however was returned unserved by the Postal Department whereas there was no response to the said notice from Shri Gopal Bajoria. Even the assessee also could not establish satisfactorily the identity and capacity of the said two creditors as well as the genuineness of the relevant loan transactions despite sufficient oppo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nod Agarwal with HDFC Bank and peak credit of the same was Rs. 30,85,138/-. According to Ld. CIT(A), the combined peak credit of both these accounts amounting to Rs. 81,11,654/- was liable to be added u/s 68 instead of the addition of Rs. 18,41,547/- made by the AO. He, therefore, issued a notice on 24.092018 requiring the assessee to show cause as to why the addition made by the AO on this issue should not be enhanced. As mentioned by the Ld. CIT(A) in his impugned order, there was however no reply received from the assessee in response to the said notice till the passing of his impugned order. He accordingly enhanced the total income of the assessee and dismissed the appeal of the assessee with the said enhancement. Aggrieved by the ord....
X X X X Extracts X X X X
X X X X Extracts X X X X
....computing the total income of the assessee under the normal provisions of the Act as well as for the purpose of computing book profit of the assessee-company u/s 115JB of the Act, the issue relating to the said additions made by the AO while computing book profit u/s 115JB was not raised by the assessee-company in its appeal filed before the Ld. CIT(A) due to inadvertence. He has contended that since this issue is clearly arising from the order passed by the Assessing Officer in the assessee's case for the year under consideration and the same is legal in nature, the adjudication of which does not require investment into new facts, the additional ground raised by the assessee may be admitted. The Ld. DR, on the other hand, has not raised an....