TaxTMI 
TaxTMI 
2023 (5) TMI 1512
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....es of the case and in law the learned Commissioner of Income Tax(A) has grossly erred in confirming the addition made in the order passed under section 263 rws 143(3) of the Act as the order of assessment passed under section 153A/143(3) of the Act was neither erroneous nor prejudicial to the interest of the revenue and as such impugned order so passed is without jurisdiction and deserves to be quashed as such. 2. That on the facts and circumstances of the case and in law the learned Commissioner of Income Tax(A) erred in confirming addition of Rs 96,90,000/- in respect of unsecured loan received from Suhana Marketing Pvt Ltd without going through the facts of the case, statutory provisions as well as explanation filed during the c....
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..... The order of the PCIT was challenged before the ITAT but the appeal was withdrawn and the Tribunal, in ITA No. 3994/DEL/2018 dismissed the appeal as withdrawn. 7. Pursuant to the directions of the PCIT, fresh assessment proceedings were initiated and the assessee was asked to explain the transaction of Rs. 95 lakhs with M/s Suhana Marketing Pvt Ltd. Reply of the assessee dated 15.10.2018 is exhibited at pages 3 and 4 of the assessment order. 8. After considering the same, the Assessing Officer observed that the assessee has failed to file current status of unsecured loans taken/received from M/s Suhana Marketing Pvt Ltd. The Assessing Officer further observed that M/s Suhana Marketing Pvt Ltd did not respond to the notice issued u/s....
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....he Act. 11. Per contra, the ld. DR strongly supported the findings of the Assessing Officer and read the operative part. 12. We have given thoughtful consideration to the orders of the authorities below. It is true that the Assessing Officer has only considered the reply of the assessee dated 15.10.2018 and has completely ignored the following letter of the assessee filed on 07.1.2018: "Assistant Commissioner of Income tax Central -13 Jhandewalan Extension New Delhi Sub In the mailer of M/s Jay Ace Technologies Lid. A Y 2013-14. Notice u/s 142(1) of (he Income fax Act: - reg Dear Sir. With reference to notice received from your office dated 02/11/2018 the required informat....
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....14 Dear Sir. It has come to our notice that the aforesaid matter is under assessment proceedings under Section 142(1) /143(2) and it further appears that you have sent a notice to us but the same could not be delivered Perhaps the address was erroneous or otherwise and we sincerely regret the inconvenience caused to you in this regard. With respect to our transaction with Jay Ace Technologies Ltd. ('JATL"), we would like to submit the following documents before your goodself :- 1. Copy of Audited Statement of Accounts for the Financial Year 2012-13. 2. The Loans given to .lay Ace Technologies Ltd. has been included in Schedule II to the Balance Sheet as at 31.03.2013. 3. Confirmation....