2022 (9) TMI 149

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....5260.00 2) That the Ld A.O. erred in law as well as on facts in invoking provision of Sec 69 of Income Tax Act and the accounting principal & provision of Custom law. 3) That the order of the Ld A.O. is based on conjectures, surmise and suspicion and without considering the relevant material on records. 4) That on facts and circumstances and legal position of case the various observation made by the Ld AO are denied and are contrary to facts. 5) That the Ld CIT (Appeal) has not considered the facts and documents produced before him. 6) That the assessee reserve the right to add, modify, alter and delete in any of the above mentioned ground of appeal." 3. At the time of hearing, no one attended....

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....nd acceptable by the AO and he proceeded to add a sum of Rs.8,67,173/- as unexplained expenses u/s 69 of the Income Tax Act, 1961 ["the Act"]. Hence, the AO assessed taxable income at Rs.12,76,833/- against the declared income of Rs.4,09,660/-. 5. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A), who after considering the submissions, sustained the addition and dismissed the appeal of the assessee. 6. Aggrieved against the order of Ld.CIT(A), the assessee is in appeal before this Tribunal. 7. Ld. Sr. DR strongly supported the orders of the authorities below and submitted that the explanation offered by the assessee is not in accordance with law. He submitted that there is no infirmity into the orders of the au....

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....ce made by the Assessing Officer and the arguments of Ld. AR during appellate proceeding. The decision is as below i. The AO made an addition of Rs. 8,67,173/- u/s 69 of the IT Act on account of mismatch in the custom duty paid by the assessee company during the year under consideration as appearing the in the Annual Information Report (i.e. AIR) vis a vis the schedule of payment of custom duty in the P&L Account for the year ended 31/03/2015. During this period the total customs duty paid by the assessee company was Rs. 74,15,260/-. The appellant seems to have adjusted an amount of Rs. 8,67,173/- claimed as refundable from the custom department on account of SAD (Special Additional Duty) and the amount of Rs. 65,48,087/- was paid ....