2024 (2) TMI 460

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....s of the case are that the assessee company filed its return of income for the assessment yea 2018-19 on 29.09.2018 declaring an income of Rs.. NIL after adjusting the brought forward loss of Rs..2,85,98,668/-. The return was processed under section 143(1) of the Act on 02.10.2019 and the income was assessed at Rs..13,10,210/-. Subsequently, the case was selected for limited scrutiny for verification of (i) duty drawback, (ii) unsecured loans & (iii) disallowance u/s. 40A(7) (Gratuity Provision). The assessment proceedings under section 143(3) r.w.s. 143(3A) & 143(3B) of the Act were completed on 08.03.2021 and the returned income has been accepted. 3. On perusal of the assessment records for the assessment year 2018-19, the ld. PCIT has o....

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....utory return, it was specifically mentioned that there was no provision for bad and doubtful debts and the assessee had performed its statutory obligation. The ld. Counsel has further submitted that it was merely a clerical mistake to have entered as a "provision for bad and doubtful debts" in P&L account and thus, no revisional proceedings were warranted. Since having regard to the carry forward losses of earlier assessment years, no prejudice was caused and hence proceedings under section 263 of the Act was not sustainable and prayed for quashing the revision order. 5. On the other hand, the ld. DR supported the revision order passed by the ld. PCIT. 6. We have heard both the sides, perused the materials available on record and gone thr....

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....D ARM Govind Rajan & P. Duraisami. In this connection, you are requested to please furnish the following: * Confirmations of accounts in-respect of MD ARM Govind Rajan & P. Duraisami from whom unsecured loans have been taken during the year, mentioning their PANs. * Copy of ledger of MD ARM Govind Rajan & P. Duraisarni appearing in your books of accounts in respect of such unsecured loans. 4. You are also requested to please furnish complete details of Unsecured Loans, if there are other than above taken during the year and furnish the following: * Confirmations of accounts in respect of all the parties from whom Unsecured Loans (only) have been taken during the year mentioning their PANs. * Copy of ledger of all the parties from ....