2025 (5) TMI 1493

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.... for the assessment years 2016-17. 2.0 The first issue raised by the assessee through its grounds of appeal are regarding the failure of Ld.CIT(A) in not considering the submissions made by the appellant before him. The contest of the assessee is not supported by facts on records. Para 4.1 of Ld.CIT(A) order shows that written submissions filed by the appellant were perused and considered by him. Thus seen, no case of any non-consideration of submission has been borne out from records. The ground of appeal number 1 is therefore dismissed. 3.0 The next issue raised by the appellant through the ground of appeal No.2 is regarding non-consideration of the figures given in its revised returns by the Ld.AO. Short brief factual matrix of the....

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....ng provisions of section 68 of the Act. The Ld. Counsel for the assessee submitted that the learned AO has taken a constricted view of the matter by simply recording that the assessee has not provided any break up of liabilities. The Ld. AR has contested that the Ld.CIT(A) confirmed the action of the Ld.AO on incorrect parameters. It is the case of the assessee that the impugned confusion has arisen in the mind of lower authorities as the assessee had re-classified and disclosed a portion of its liabilities of Rs. 4,35,95,430 as current liabilities, under the head, current borrowings. Ld.Counsel submitted that the impugned current liabilities have been erroneously treated as unexplained cash credits under section 68. The Ld.AR submitted tha....

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....te authority. Non-submission of remand report by the assessing officer cannot be construed as submission of an "no adverse report". We find sufficient force in the argument of the assessee regarding the disclosure of certain items in the balance sheet in compliance to accounting standards. We are the considered view that the matter deserves to be remitted back to learned assessing officer. Accordingly, we set aside the order of the lower authorities and direct the Ld. assessing officer to reconsider the entire issue after affording due opportunity of being heard to the assessee and by passing a speaking order, in accordance with law. The assessee shall be bound to comply with all the statutory notices issued by the learned assessing officer....