2025 (10) TMI 576

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ein the ld. CIT(Appeals) has dismissed assessee's first appeal. 2. Brief facts state that the assessee is in the business of manufacturing knitted fabric, yarns and readymade garments and has manufacturing facilities in the state of Gujrat, Uttarakhand and Uttar Pradesh. The assessee e-filed its return of income for assessment year 2020-21 on 05.01.2021, declaring total income of Rs. 14,14,57,480/-. Assessee's case was selected for scrutiny on the issue of sale consideration of properties in ITR, being less than the sale consideration reported in Form 26QB and high liabilities as compared to low income/receipts. Statutory notices were issued and served upon the assessee. Assessee submitted working of capital gains, arising out of sale of p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on of principles of natural justice and same is vold-ab-initio 1.3 That the Ld. CIT (A) grossly erred in rejecting appellant's claim that appellant was not given sufficient opportunity by Assessing Officer to provide confirmation of balances and to furnish submissions and personal hearing through video conferencing. 1.4 The Ld. CIT (A) erred in holding that appellant has failed produce documents as required by Assessing Officer vide notices dated 24.11.2021, 16.03.2022 & 24.08.2022. 2.1 That on the facts and circumstances of the case, the CIT(A) has grossly erred in confirming the addition of Rs. 34,45,60,149/- u/s 41(1) in respect of outstanding balance of Sundry creditors on the misconceived ground of remission or cessation of l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in SA No. 01/Agr/2025, arising out of the instant appeal. Learned AR, therefore, argued that the matter u/s. 263 of the Act was dropped after considering the assessee's submissions in respect of required details. Prayed to allow the appeal. 8. Learned DR for revenue has submitted that the assessee filed only part of the details before the revenue authorities. However, the confirmations of balances, ledger copies of all sundry creditors and the details of payments released in subsequent period and the copies of purchase bills of sundry creditors with respect to the impugned amount were not submitted despite ample opportunities afforded by the revenue authorities at both the levels. Supported the impugned order and prayed to dismiss the app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d their confirmations was not submitted by the assessee. Further, the Assessing Officer also noted the fact that despite ample opportunities given it was not established by the assessee that these liabilities were repaid in subsequent years." 10. The interim order/stay order are always based on three factors, i.e., prima facie case, balance of convenience and irreparable loss. The above referred interim order is no exception. However, the tribunal while passing the aforesaid interim order in the instant appeal, has observed that in the aforesaid circumstances also, the impugned addition of Rs. 34,45,60,149/- made by the Assessing Officer and confirmed by learned CIT(Appeals), still stands and has to be tested by this Tribunal on the basis ....