TaxTMI 
TaxTMI 
2025 (7) TMI 887
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.....2025 recalled its earlier order. Hence, this is a recalled matter. 3. Facts of the case, in brief, are that the assessee is a company engaged in running hotels at Nashik and Goa. Since the assessee had not filed the return of income, a notice u/s 142(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') was issued and served on the assessee calling for the return of income within 30 days from the service of notice. Since there was no compliance from the side of the assessee, again another notice was issued which was duly served on the assessee. Again there was no compliance for which another notice was issued. Finally, the assessee furnished the return of income in Form ITR-6 on 22.03.2013 claiming loss of Rs. 16,27,84,2....
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....s auctioned by the Debt Recovery Tribunal, Mumbai as the assessee had defaulted on repayment of loan taken from consortium of banks being State Bank of India, Corporation Bank and TFCI. The Debt Recovery Tribunal sold the hotel at Goa to M/s. Oberoi Realty Limited for a sum of Rs. 61.40 crores. He observed that the assessee has computed the short term capital gain at Rs. 12,90,22,583/-. The Assessing Officer while computing the short term capital gain considered the WDV of the assets at Rs. 40,31,47,921/- as against Rs. 48,49,77,417/- claimed by the assessee resulting an addition of Rs. 8,18,29,496/-. While doing so the Assessing Officer noted that the details of WDV in respect of Goa hotel separately are not available for earlier years. He....
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....ppellant has been granted number of opportunities to prosecute its own appeal. However, the Appellant has chosen not to avail the opportunities provided by my predecessor and me. 2.1.14 The Appellant has merely furnished the profit and loss account balance sheet and statement of computation of total income. However, these documents are only a starting point for verification of the income declared by the Appellant in the return of income. In absence of verification, the Appellant's contentions cannot be accepted by assuming its version to be correct. 2.1.15 The Appellant has argued on the basis of several court decisions as to the learned AO's action of disallowance of losses and estimating its income is improper, i....
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.... Rule 46A. The Appellant's legal arguments are not relevant unless the facts are established. During appellate proceedings also, the Appellant has not shown any keenness to get its affairs verified from either the learned AO or by the office of the CIT(A) 2.1.17 The Appellant may have incurred losses in these years as the Goa Hotel was auctioned by the Debt Recovery Tribunal. However, the learned AO needs material before him so as to assist the Appellant in determining its correct income or loss. The Appellant has neither filed Original return, nor filed return u/s 148 in time after it was provided many opportunities, nor did produce books of accounts before the learned AO. The Appellant has followed same approach even during t....
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....ard pressed with the time barring scrutiny proceedings at Nashik. 3. On the facts and in the circumstances of the case and without prejudice to above grounds, the CIT(A) has erred in sustaining the estimation of income by the Assessing Officer at Rs. 20,00,000 without there being any basis. 4. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in sustaining the disallowance of Rs. 8,51,24,405 and further making deduction of Rs. 26,46,10,310/- relying on the computation of total income filed by the appellant overlooking the fact that once overall estimation of net profit is made by rejecting the books of accounts and therefore the computation of income based on said books of accounts there is no sco....
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.... for all the three years. 10. The Ld. DR on the other hand heavily relied on the orders of the Assessing Officer and the Ld. CIT(A). 11. We have heard the rival arguments made by both the sides and perused the orders of the Assessing Officer and Ld. CIT(A). It is an admitted fact that the Assessing Officer issued notices u/s 143(2) and 142(1) of the Act to the assessee on 22.03.2013 asking the assessee to submit the details on 25.03.2013. We find after the assessee submitted the details the Assessing Officer without asking for any further details from the side of the assessee passed the order on 28.03.2013. Further, we find the Ld. CIT(A) has passed a consolidated order for assessment years 2009-10, 2010-11 and 2011-12. The Tribunal i....