TaxTMI 
TaxTMI 
2025 (12) TMI 400
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....014-15 dated 28.12.2024, which has been passed against the assessment order u/s 147 r.w.s. 144B of the Act, dated 28.12.2016. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal: "1. For that the Ld. AO. did not Consider facts, the circumstances of the case and ignored the true essence of the nature, legality of the transaction by way of Loan and wrongly considered it as unexplained cash credit under section 68 of the IT Act as concealment of income to the tune of Rs. 1,55,57,476/-. The learned A.O. ignored the identity the Loan Creditors, Creditworthiness and Genui(ne)ness of the transaction. 2. For that the learned A.O. did not give assessee proper opportunity of being heard. This ....
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....nafter referred to as Ld. 'AO') noted that the assessee failed to prove the three limbs of section 68 of the Act and assessed the total income of the assessee at Rs.1,55,57,476/- u/s 147 r.w.s. 144B of the Act. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A) who vide order dated 28.12.2024 dismissed the appeal of the assessee holding that since the assessee had not filed the return of income in response to the notice u/s 148 of the Act and not paid the amount equivalent to the amount of advance tax payable by it, the appeal was not liable to be admitted and became infructuous. Aggrieved with the order of the Ld. CIT(A), the assessee has filed the appeal before this Tribunal. 4. Rival conten....
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....on 209 of the Act r.w.s. 210 specifies the manner of computation of advance tax; section 209(1) of which is reproduced as under: "209. (1) The amount of advance tax payable by an assessee in the financial year shall, subject to the provisions of sub-sections (2) and (3), be computed as follows, namely :- (a) where the calculation is made by the assessee for the purposes of payment of advance tax under sub-section (1) or sub-section (2) or subsection (5) or sub-section (6) of section 210, he shall first estimate his current income and income-tax thereon shall be calculated at the rates in force in the financial year; (b) where the calculation is made by the Assessing Officer for the purpose of making an order....
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....x calculated under clause (a) or clause (b) or clause (c) shall not, in each case, be reduced by the aforesaid amount of income-tax which would be deductible or collectible at source during the said financial year under any provision of this Act from any income, if the person responsible for deducting tax has paid or credited such income without deduction of tax or it has been received or debited by the person responsible for collecting tax without collection of such tax." 5. The Ld. CIT(A) has not specified as to how much advance tax was payable or even whether the provisions of Section 208 of the Act were applicable to the assessee or not. On the contrary, the assessee contends that since the income was below the maximum amount not cha....