2026 (3) TMI 465

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....his appeal filed at the instance of assessee is directed against the order of Ld. CIT(A)/NFAC dated 18.10.2024 which is arising out of the assessment order u/s. 143(3) of the Act for Assessment Year 2010-11 framed on 28.03.2013 by the ITO, Ward-2, Panvel. 2. The assessee has raised multiple grounds of appeal raising legal issues challenging the validity of the assessment proceedings and also ra....

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....and 142(1) of the Act. During the course of assessment proceedings, Ld. Assessing Officer called for various details and in response submissions were filed by the assessee, however Ld. Assessing Officer makes certain additions/disallowances amounting to Rs. 14,46,409/- and assessed the total income at Rs. 22,73,230/-. 6. Aggrieved with the above finding of the Assessing Officer, the assessee pr....

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.... and the alleged sum is on account of said bank interest and the same has been claimed against the income from bank FDR and deserves to be allowed. 8. On the other hand, Ld. Departmental Representative submitted that the assessee has not carrying on any business during the year and therefore, the said alleged claim has rightly been denied by Ld. CIT(A)/NFAC. 9. I have heard rival contentions....

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....ong with audited financial statements of the sole proprietary concern, the business of which closed during the financial year 2008-09. The fact that the assessee was having the cash credit account with Federal bank stands acknowledged by Ld. Assessing Officer who called for information u/s. 133(6) of the Act from the said bank. Further, the assessee in its written submissions filed before lower au....