2021 (2) TMI 70

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....sed the findings of the authorities below. 3. Briefly the facts of the case are that in this case assessee filed return of income at Rs. 4,08,550/-. The A.O. noted that there is non-compliance by the assessee in filing the details and documents. The A.O. noted that assessee is engaged in business of wholesale trading in readymade garments (Export basis) under the name and style of M/s. Vardhman Fashion. The A.O. noted that inspite of various opportunities given, even no financial statements/Audit Report has been filed by the assessee. However, a perusal of ITR-4 filed for year under consideration, the assessee has shown total turnover of Rs. 3,68,46,437/- as against the turnover of Rs. 13,43,51,188/- shown by the assessee in the immediatel....

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....enses and facts regarding Deduction of Tax. The details of other expenses and details of commission paid. 6. The appellant has furnished the reconciliation of cloth. He has shown the piece- wise consumption of cloth. The number of piece produced and the cloth consumed/purchased are found to be in order. The details of fabrication expenses show that all the payments had been made by cheque and the tax had been deducted there from. However, the expenses in relation to the dyeing, embroidery and washing expenses continued to be in cash and remain un-verifiable. 7. Although, the relevant details filed show that the manufacturing expenses are to a large extent verifiable and incurred in the purpose of business. It is also a fact that bo....