2025 (7) TMI 34

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....d under section 143(3) r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2022-23. 2. Brief facts of the case is that the assessee is a Company engaged in the business of Construction. The assessee filed its Return of Income for the Asst. Year 2022-23 on 14-09-2022 declaring an income of Rs. 86,12,830/-. The return was taken for scrutiny assessment and various notices issued. In response, the assessee furnished various details. The Assessing Officer made addition on account of increase in share capital of Rs. 67,50,000/- u/s. 68 of the Act, in the absence of confirmation with supporting evidences. Similarly non-current liabilities of Rs. 10,47,62,861/- was added u/s. 68 of the A....

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.... to the learned assessing officer we also have deducted and paid the IDS on interest paid on such unsecured loans so this is the reason for increase in amount of non-current liability. 3. We have gone through financial crises and that's the reason we were not able to meet our financial obligation related to trade payable and as a consequence of this we currently do not have a professional bond with the same trade parables.so it is difficult for us to provide ledger confirmation but we are trying and we are providing confirmation of certain trade payable balance amount we are also providing the ledger of the same. 4. We are submitting the GSTR3B AND GSTR 2A summary of financial year 2021-22 and also we are providing sca....

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....the Lower Authorities. 7. We have given our thoughtful consideration and perused the materials available on record. Regarding the addition made by the Assessing Officer, the assessee filed its detailed reply which is found in the assessment order is reproduced for ready reference: 1. Party Wise Ledger Accounts for Long Term Borrowings, As Per Format Specified By You. 2. Party Wise Ledger Accounts For Trade Payable, We Have Provided Confirmation of Unsecured Loan Ledger from Our Account, We Are Working On Confirmation From Parties, Request To Allowed Time To Us. 3. Party Wise Ledger Accounts for Share Capital Along With The Share Holders Bank Account Statements. 4. Ledger Accounts for Sales And Purchase....