2024 (8) TMI 217

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in passing the order without providing the adequate opportunity of being heard in gross violation of principle of natural justice. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the books of the assessee invoking provision of section 145(3) of the Income Tax Act. 4. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 3,50,75,638/- made by AO on account of financial expenses by the assessee. (ii) That the disallowance has been confirmed....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g the disallowance of Rs. 19,89.551/- made by AO on account commission and brokerage invoking the provision of section 40(a)(ia) of the Income Tax Act, 1961. (ii) That the disallowance has been confirmed ignoring the proviso to section 40(a)(ia) whereby deductee having including the income in its return of income the assessee cannot be treated as assessee in default and hence no disallowance can be made under section 40(a)(ia) of the Act. 8. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 6,50,038/- made by AO on account professional charges invoking the provision of section 40(a)(ia) of the Income Tax Act, 1961. (ii) That ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vanaspati refined oil margarine and bakery shortening etc. This appeal is preferred against the order dated 31-03-2016 framed by the AO under section 143(3)/254 of the Income tax Act, 1961. History of the case Particulars Date Amount/Additions/Outcome Original return filed 27.10.2007 Nil (Loss of Rs. 8,43,46,100/-) Assessment order passed under section 143(3)/144 29.12.2009 Rs. 1,88,65,040/- Remand Report 28.11.2011   Commissioner of Income Tax (Appeals) passed order u/s 250 31.07.2012 Appeal partly allowed Order passed by the Hon'ble ITAT in ITA No. 5600/DEL/2012 14.03.2014 Set aside to the file of Assessing Officer Assessment order passed under section 143(3)/254 31.03.20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t available with the assessee company. Ground No. 3: Disallowance -Financial Expenses -Rs. 3,50,75,638/-: 10. Examined the record before us and the paper book. 11. This ground taken by the assessee is against disallowance of interest and other financial charges paid to bank without appreciating the information available on record. The ld. AR submitted that during the course of assessment proceedings copies of the ledgers, bank statement, and various details were furnished. The assessee could not produce other documents and records as asked by the AO due to the fact that factory was under the possession of the bank and other records were lost for which FIR was lodged in the police station Bhiwadi (Rajasthan). The Assessing Office....