9911796707
TMI Blog2017 (8) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... heir allowability. 2. During hearing of this appeal, none was present for the assessee in spite of the fact that on earlier hearing on 30/11/2011, the appeal was adjourned at the request of the assessee. Shri Rajesh Kr. Yadav, ld. DR, defended the addition made by the Assessing Officer by advancing arguments, which is identical to the ground raised. 2.1. We have considered the submissions of Ld. DR and perused the material available on record. Before coming to any conclusion, we are reproducing hereunder the relevant portion and the factual finding recorded by Ld. Commissioner of Income Tax (Appeal) for ready reference and analysis:- "1.3.1. I have carefully considered the submissions and contention of the Ld. AR of the appellant and al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rgument of the Ld.AO that the unsecured loans have increased and it is for want of verification of the unsecured loan that he had disallowed the loss of the appellant. Further a bare. perusal of the profit and loss account of the appellant revealed that the expenses on account of operation and other expenses has in fact decreased as compared to last year and so is the local sales, which has drastically fallen. down ..from Rs.8,93,29,540/- to Rs.4,01,44,620/-. The nature of expenses revealed that the same expenses were claimed by the appellant in the year under consideration except the provisions for doubtful debts(Rs.1,25,48,871); provisions for diminut ion in the value, of assets(Rs.11,81,750); loss of misappropriation of stock(Rs.349,657) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed and in. earlier year the similar type of expenses were claimed and in fact allowed by the Ld.A0. find that on a perusal of the expenses, the expenses ..on. account of loss. of misappropriation of stock (Rs.3,19,657), difference in the exchange fluctuation (Rs.6,38,945) and sundry balances written off (Rs.13,01,814) are also not allowable as the appellant had not given any evidence for the claim of the same. 'Thus a further disallowances is warranted of the amount of Rs. 22,60,416/- and the current year loss should be assessed at Rf.1,21,83,407/- as against Rs. 1,51,43,270/- determined by the appellant. Looking' to the past history of the appellant it can be seen that the appellant is incurring losses on year to year basis and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled the details, which were sent to the file of the Assessing Officer for remand report. However, the Ld. Assessing Officer filed no reply to the remand report as is evident from para 1.21. of the impugned order. There is a factual finding in the impugned order that the audited balance sheet was examined by him, which indicates that unsecured loans has in fact decreased during the period under consideration from Rs. 2,32,70,001/- to Rs. 1,23,03,955/-. The nature of expenses revealed that same expenses were claimed by the assessee in the year under consideration except the provision for doubtful debt (Rs.1,25,48,871/-). We find that the Ld. Commissioner of Income Tax (Appeal) has elaborately discussed the factual matrix and observed that de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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