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TMI Blog2015 (4) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee for production of its books of accounts and other documents before the Assessing Officer to substantiate its claim and accordingly, set aside the Order of the CIT(A) and remit the matter to the file of the Assessing Officer for denovo assessment after examining the books of accounts and other documents. We also direct the assessee to produce all its books of accounts, documents, bills, invoices and any other information called for by the Assessing Officer and cooperate in finalisation of the proceeding. In the event, the assessee does not co-operate by producing the books of accounts and other information called for by the Assessing Officer or if the Assessing Officer on examination of the books of accounts and other documents f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of bearings, home appliances and trading of steel products. The assessee filed its return of income for the impugned assessment year on 30.09.2009 declaring a loss of ₹ 8,08,13,432/- under normal provisions and ₹ 8,00,62,073/- under the provisions of section 115JB of the Act. The assessee s case was selected for scrutiny assessment by issuing notices under section 143(2) and 142(1) of the Act. In response to the notice issued, though the assessee appeared before the Assessing Officer but did not furnish all the information called for by the Assessing Officer. The Assessing Officer noticed that assessee s turnover during the year is ₹ 1047,85,56,529/- which includes export turnover of ₹ 173,32,10,932/- that besides t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the goods purchased. 4. The assessee failed to produce the details of the places of sale and mode of transportation of the goods sold. 5. The assessee failed to produce details of operating stock, purchases, sales and closing stock of manufactured goods and traded goods separately in terms of quantity and cost. 6. The assessee failed to produce the details of where and how the additional machinery was put to use and the increase in production and electricity consumption after the installation of the machinery claimed to have been put to use during the year. Thus the assessee could not justify it depreciation claim. 7. The assessee failed to produce the day-to-day consum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts have been regularly maintained and duly audited both under the Companies Act as well as Income Tax Act. It was further contended that the Assessing Officer without pointing out any deficiency in the books of accounts, could not have rejected the same by simply observing that the books of accounts are incorrect and incomplete. The CIT(A) after considering the submissions of the assessee in the light of materials on record, upheld the rejection of books of accounts by holding as under : 4.5. I have considered the submissions of the AR and the facts on record. There is no dispute that the books of account have been duly audited or that the appellant is a listed company. However, that neither absolves the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of the books of accounts. The learned A.R. however, submitted that the assessee undertakes to produce all the books of accounts and other documents and explain the entries made therein with regard to the expenditure claimed and requested for another opportunity to be given before the Assessing Officer. 8. The learned CIT/DR appearing for the department did not have any serious objection to the contention of the assessee for affording another opportunity for production of the books of accounts and submitted that the matter can be remitted back to the file of Assessing Officer for denovo assessment. 9. On perusal of the assessment order we find that several opportunities were granted to the assessee by the Assessing Officer. Therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er documents finds that there are discrepancies which the assessee is not able to explain, the Assessing Officer would be at liberty to take an independent decision in the matter in accordance with law. The Assessing Officer shall afford a reasonable opportunity of being heard to the assessee. 11. Accordingly, ITA. No. 304/Hyd/2013 of the assessee is allowed for statistical purposes. Since, the facts are identical in ITA. 305/Hyd/2013, this appeal of the assessee is also allowed for statistical purposes. 12. ITA.No.474 475/Hyd/2013 - A.Y. 2009-2010 : Since we have set aside the respective Orders of the CIT(A) and remitted the matter back to the file of Assessing Officer for assessment denovo while deciding assessee s appeal in ITA.N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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