TaxTMI 
TaxTMI 
2022 (10) TMI 1139
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....the Income Tax Act, 1961 (herein after referred as ' the Act') is bad in law and liable to be quashed inasmuch as that:- 1. no warrant of authorization u/s 132 of the Act was issued in the case of the appellant for which the assessment order passed u/s 153A of the Act is beyond jurisdiction and search action conducted and all other consequential proceedings are illegal and without jurisdiction; 2. the warrant of authorization u/s. 132 of the Act issued by Jt. Director of Income tax is beyond jurisdiction and search action conducted and all other consequential proceedings are illegal and without jurisdiction; 3. no prior approval was taken in accordance with the provisions of Section 153D of the Act vis-a-vis CBDT instruction. 4. no opportunity was given for cross-examination of various persons whose statements were relied upon for making various disallowances thereby violating the principles of natural justice. 5. the assessment order was passed without providing the print out from seized and sealed CDs , Hard disks and the books of account illegally removed from the premises of its accountant thereby violating the principle of n....
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....d. CIT(A) is not justified in directing to accept the audited profit and loss account of the assessee without proper verification of the same. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in directing to accept the sales figure shown by the assessee. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in directing to accept the expenses of the assessee when the same are not verified. 4. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in directing to allow depreciation to the assessee when the same has not been verified. 5. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in accepting the contentions of the assessee and not accepting the findings of the AO in violation of Rule 46A of the IT Rules." 6. At the time of hearing, ld AR of the assessee submitted that he does not wish to press Ground Nos.1 to 7 of assessee's appeal and has endorsed in the file to that effect. Consequently, Ground Nos.1 to 7 of appeal of the assessee stand dismissed as not pressed. 7. It was submitted by ld CIT DR that there....
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....s of the confirmation given by the Asst .Commissioner of Custom House, Paradeep. It was the submission that this was wrong. It was the further submission that after admitting the additional evidence in the form of audit report, the ld CIT(A) in page 13 of his order mentions that the expenses as claimed in the audit report has remained unverified and made an estimated disallowance in respect of administrative expenses and commission charges under the head " export expenses". It was the submission that at the outset, the audit report should not have been admitted and the assessment having been done on the basis of information provided by the Asst. Commissioner, Custom House,,Paradeep, the assessment was liable to be upheld and the order of the ld CIT(A) reversed. 9. It was the further submission that in para 3.3 of the order, the ld CIT(A) has directed the Assessing Officer to accept the turnover as disclosed in the audit report without any reconciliation having been done or having been verified. It was the submission that the order of the ld CIT(A) is liable to be reversed. 10. In reply, ld AR placed before us, copies of the remand reports dated 23.11.2012 and Nil, which are e....
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....uested that the audit report u/s.44AB alongwith profit and loss account and balance sheet as submitted by the assessee could be accepted in the remand report dated Nil. It was further submitted that in the remand report dated 23.11.2012, the reconciliation between the turnover as provided by the Asst. Commissioner, Custom House and the turnover as disclosed by the assessee in its audit report had been reconciled. It was the submission that the audit report could not be filed in the course of assessment as the same was not ready. It was the prayer that the order of the ld CIT(A) in respect of acceptance of the turnover as disclosed by the assessee in its audit report may be upheld. It was the further submission that the estimated disallowance made by the CIT(A) in respect of administrative expenses and the commission charges under the head " export expenses" may be deleted insofar as no defects in the accounts had been pointed out. It was the submission that the assessee's case was search case and in the absence of incriminating material, no disallowance of the expenses is liable to be made. It was the prayer that addition as made by the ld CIT(A) is liable to be deleted. 12. We ....
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.... the information provided by the Custom House, Paradeep and the details provided by the assessee was compared and it was found that the total export sales of FOB value for Serajuddin & Co Pvt Ltd.,. and Yajdani International Pvt Ltd., is same for the assessment year 2008-09. The difference is only due to short shipment and wrongly taken for the different assessment years. Then, the AO does the reconciliation and gives findings that the export sales value provided by the assessee is different from the FOB value and as per the assessee's statement, realisation of sale is on the date of making invoices, when ship start from the Port. The exchange rate on that date decide the export sale value. As per the invoices and exchange rate, the export sale value for the assessment year 2008-09 for the assessee herein is Rs.36,01,28,151/-. To this, if we add the local sales as intimated by the Commercial Tax Authorities of Rs.8,43,40,353/-, the turnover as disclosed by the assessee in 44 AB report at Rs.44,46,37,802/- is reached. Thus, clearly, the 44AB report as admitted by the ld CIT(A) and on which remand report has been called for from the AO had been examined by the AO and same has also fo....
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...., the remand report has been called for by the ld CIT(A), which are extracted herein-below: '" Comment on the audit report u/s.44AB alongwith P&L and balance sheet vis-à-vis the assessment order dated 29.12.2010 in the case of M/s. Serajuddin and Co Pvt Ltd., for the A.Y. 2009-10. Total income calculated in the * Total income calculated In the assessment order as following: Net profit from the trading activities Total Sale Rs.56,02,71,242/- Net profit @ 22% Rs.12,32,59,673/- Total income Rs.12,32,59,673/- Audit report is prepared on 28.3,2011, which is after thought of the Search and seizure proceeding. Total sale disclosed in the audit report is Rs.36,57,53,056/- which is lower than the actual sale of Rs.56,02,71,242/- as disclosed by the assessee before Sales Tax Authority. Other income of Rs.9,75,244/- disclosed in the audit report was not taken in the assessment order. It may be accepted. Net profit in the assessment order is taken on estimate basis @ 22% of gross sale based on the assessment order of two similar companies doing same business (M/s. Aliza International Pvt L....
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....मानà¥à¤¡ 2012-13 à¤à¥à¤µà¤¨à¥‡à¤¶à¥à¤µà¤°, दिनांक 23 नवमà¥à¤¬à¤°, 2012 No. ACIT/C-1(2)/BBSR/Remand Report/2012-13/5N-97) Dated, Bhubaneswar, the 23rd November, 2012. सेवा में / To The Commissioner of Income Tax(Appeals)-1, Bhubaneswar. महोदय/ Sir, Sub: Submission of Remand Reports in the case of Serajuddin & Co.(P) Ltd., Room No. F-2, Metro Classic Building, 352, Sahid Nagar, BBSR for the Asst. Year 2008-09- Regarding. Ref: Letter No. CIT(A)-I/BBSR/ITA No.0241/10-11/12-13/1236 dated 27th August, 2012. Kindly refer to the above. As regard of opening stock it is submitted that the value of opening stock as Rs.6.14 crore is taken from seized material YIPL-42. 2. Regarding the cost of iron ore fine it is submitted that it is not a byproduct. It is produced during the crushing of iron ore lump into two product (sized ore and fines in the ratio of 62:36). Sized iron ore is sold into domestic market and ore fines are exported. 3. As regard to total sale assessed by t....
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....री / Dr. LALITA KUMARI ) MAC Auch M, He-1(2)/Asst. Commissioner of Income-tax, -1(2)/Circle-1(2), Hart/Bhubaneswar Document 3 262 à¤à¥à¤µà¤¨à¤¶à¥à¤µà¤° 26 28 NOV 2012 BURMES à¤à¤¾à¤°à¤¤ सरकार/ GOVERNMENT OF INDIA कारà¥à¤¯à¤¾à¤²à¤¯ आयकर सहायक आयà¥à¤•à¥à¤¤/ OFFICE OF THE ASST. COMMISSIONER OF INCOME TAX -1(2),,/CIRLCE-1(2), 3RD FLOOR, आयकर à¤à¤µà¤¨, /AAYAKAR BHAWAN, राजसà¥à¤µ विहार/ RAJASWA VIHAR, HAR/BHUBANESWAR -751007. सं.स.आ.. / सी-1 (2)/ à¤à¥à¤µà¤¨à¥‡à¤¶à¥à¤µà¤°/रिमानà¥à¤¡ / 2012-13 à¤à¥à¤µà¤¨à¥‡à¤¶à¥à¤µà¤°, दिनांक 23 नवमà¥à¤¬à¤°, 2012 No. ACIT/C-1(2)/BBSR/Remand Report/2012-13/SN-273 Dated, Bhubaneswar, the 23rd November, 2012. सेवा में / To. The Comm....