TaxTMI 
TaxTMI 
2021 (4) TMI 437
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....s. 2. Briefly, the facts of the case are that the assessee has filed its return of income declaring loss of Rs. 36,710/- on 28/09/2013. The assessment was completed u/s 144 of the Act wherein the assessed income was determined by AO at Rs. 7,25,02,276/-. Being aggrieved, the assessee carried the matter in appeal before the ld. CIT(A), Alwar and also submitted the additional evidences before the ld. CIT(A). Thereafter, the ld CIT(A) called for the remand report from the Assessing Officer wherein the Assessing Officer examined the additional evidences as well as submission made by the assessee and various additions made by the Assessing Officer during the course of assessment proceedings were held not sustainable on account of additional e....
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....he issued u/s 142(1) on 19.01.2015, 02.02.2015 and 26.10.2015 etc. However, the assessee did not receive any such notice. It was submitted that even assessment order passed u/s 144 dated 16.02.2016 was not received by the assessee. It was submitted that assessee was doing business at Bhiwadi but the business was discontinued as the Jammu & Kashmir Bank has taken over the possession of the factory in December, 2014 due to assessee's failure to repay the loan amount to the Bank. It was submitted that there was heavy dispute among the Directors due to loss in the company and Bank has taken possession of the factory premises under SARFAESI Act on 25.05.2015. Subsequently, the bank has disposed off whole properties of the company and now the cas....
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.... Bank along with sanctioned letter which were taken on record and the Assessing Officer in his remand report has stated very clearly that the addition made on account of unsecured loan is not sustainable. Further, regarding addition on account of share capital received of Rs. 75,00,000/-, it was submitted that the company during the year has not received any fresh share application money rather the shares have been allotted to seven persons whose money was already deposited in unsecured loan account and share were issued after transferring the money from unsecured loan account to share capital account. It was submitted that as part of the additional evidences, the assessee explained the transaction from its books of accounts and also produc....
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....ank has taken possession under SARFAESI Act on 25/05/2015. Bank has disposed off whole properties of the company and now the case is before Debt Recovery Tribunal. 3. That the appellant company has submitted that they have not received any notice during assessment proceedings as the company was closed because of bank takeover and therefore could not file any details. 4. That there is a loan balance as per the balance sheet amounting to Rs. 4,03,63,046/-. Since the case remain unrepresented at the assessment level accordingly, the A.O has treated the loan amount as unexplained and added it to the income of the assessee company. 5. That the appellant company has filed additional evidences in support of the claim as ....
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....ce sheet of the assessee. It is very much surprised to know that this amount is not unsecured loan but this amount is term borrowing from bank and it is clearly mentioned in Note-6 of the balance sheet. It is mentioned as under n the balance sheet : Bank CC Limit from Jammu 8, Kashmir Bank 35,37,27,54.13 Loan against Fixed Deposit from Jammu & Kashmir Bank 49,90,292.32 Total 4,03,63,046.45 The copy of Balance Sheet is enclosed herewith which was already with you. The Ld. ITO al together ignored the facts that it is only bank balance of hank loan amount and he could have made an enquiry from the bank it self. However now we are submitting complete Bank Statement of J & K Bank of Both the Accounts and loan ....
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....IT(A) which are not under challenge before us. 8. On perusal of the assessment order, it is noted that the notice u/s 143(2) was issued on 04.09.2014 and in compliance thereof Sh. Rajesh Kumar, the authorized representative appeared on behalf of the assessee. However, subsequent notices issued during the year 2014 onwards have remained uncomplied with and the assessment was thereafter completed u/s 144 of the Act vide order dated 16.02.2016. At the same time, it is a matter of record that due to non-payment of dues, Jammu and Kashmir Bank has taken over the possession of the assessee's factory premises in December, 2014 and the properties are disposed off and thereafter, the matter was taken up before the Debt Recovery Tribunal. In such ....