2021 (4) TMI 729

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....r the Assessee : None ORDER PER S.S. GODARA, J.M. This Revenue's appeal for AY.2014-15 arises from the CIT(A)-3, Hyderabad's order dated 22.07.2019 passed in appeal ITA No.0633/ITO-3(2)/Hyd/CIT(A)-3/2016-17 in proceedings u/s143(3) of the Income Tax Act, 1961 [in short, 'the Act']. Heard both the parties. Case file perused. None appeared at the assessee's behest. It is accordingly proc....

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....e cannot be income without expenditure. It is noted that the appellant expressed his inability of production of bills and vouchers as due to non-payment of rent to the owner of the appellant's business premises and hence the appellant was not allowed to enter into its own business premises by the owner of business premises. This was brought to note in the remand proceedings as can be ....

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.... and circumstances and that there is reasonable or sufficient cause on Part of the appellant Company, it is justified and reasonable to disallow the appellant's claim of loss arrive at Rs. 38,507/- in the return of income in the absence of proper justification for its claim of expenditure. It is also noted that in the computation of total income, the appellant had disallowed a sum of Rs. 5,20,....

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....a the clinching fact that the assessee's books had been duly audited and its Annual Report was also available. And that the Assessing Officer had disallowed assessee's entire expenses in drug manufacturing business thereby enhancing its profit to the maximum level. The assessee has already explained the reason of non-production of audited books of account to the fact that there was a tenancy dispu....