2021 (3) TMI 876

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....nt of unsecured loans in the facts the circumstances of the case. 3. The brief facts relating to case are that the assessee is a private limited company and is into hotel business. The assessee conducts its business in the name and style of M/s. P.G. Holiday Inn Private Limited at Colva Beach, Salcete Taluka, South Goa District, Goa. The assessee filed its return of income declaring a total income of Rs. 19,20,040/- on 27-11-2007. Under scrutiny, the notices were issued u/s. 143(2) and 142(1) of the Act, but according to AO there was no response. Accordingly, the assessee was set ex-parte and the AO proceeded to complete the assessment to his best judgment u/s. 144 of the Act inter alia making addition u/s. 68 of the Act and estimating the....

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....rgao, Goa. The AO did not consider the said two letters and proceeded to complete the assessment u/s. 144 of the Act. The assessee could not produce the said evidence before the CIT(A) as the same were not in proper format. The assessee, now gathered every details and information regarding the issue in proper format and argued the said evidences goes to the root of issue and prayed to remand the matter to the file of CIT(A) for fresh consideration. 6. The ld. DR, Shri Dinesh Chaurasia submits that the AO and the CIT(A) are given ample opportunities to the assessee on many occasions and the assessee could not file any evidences in respect of issue raised and conceded for remand of matter to the file of AO of this Tribunal think fit just and....

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....n the form of confirmations loans, copy of Income Tax returns of two Directors by way of paper book before us and on examination of the same, we note that the said evidences are crucial and necessary to decide the issue involved in the present appeal and also goes to the root of assessee as rightly contended by the ld. AR. In this regard an affidavit of General Manager of assessee filed before us stating the loan confirmations of two Directors Shri Mahendra Singh Gujaral and Miss Anjali Pathak received initially and were not in prescribed format and did not contain requisite details. The said details could not be filed before the CIT(A) in time as it were not in proper format. Further, he stated the error/lapse in non-submissions of the con....