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TMI Blog2020 (4) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... low brought forward losses, as per the provisions of section 72 therefore we do not find any infirmity in the order of ld CIT(A) in directing the AO to allow brought forward losses, in accordance to law. Hence, we confirm the order of ld CIT(A). Appeal of the Revenue is dismissed. - ITA No.971/Kol/2018 - - - Dated:- 7-2-2020 - Shri A. T. Varkey, JM And Dr. A.L. Saini, AM For the Appellant : None For the Respondent : Shri Supriyo Pal, JCIT, Sr. DR ORDER PER DR. A. L. SAINI, AM: The captioned appeal filed by the assessee, pertaining to Assessment Year 2014-15, is directed against the order passed by ld. Commissioner of Income Tax(Appeals)-24, Kolkata in Appeal No.1769/CIT(A)-24, Kol, dated 19.01.2018 which in turn arises out of an assessment order passed by Assessing Officer u/s 144 of the Income Tax Act, 1961 (hereinafter referred to as the Act ),dated 28.12.2016. 2. The appeal filed by the Revenue in ITA No.971/Kol/2018 for Assessment Year 2014-15 is barred by limitation by 38 days. The Revenue filed a petition for condonation of delay requesting the Bench to condone the delay. We have heard ld. DR for the Revenue and having regard to the reasons g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht numerous times through statutory notices including summons to Director Mr. Sandeep Goyal, served through email and in person, which are summarized below: a) 142(1) date 8/8/2016: Point no. 15 calling for purchase and sale details in specified format. b) Letter date 6/9/2016: For compliance of 142(1) notice date 8/8/2016. c) 131 date 3/10/2016: Point no.15 calling for purchase and sale details as in 142(1) notice d) 131 date 2/12/2016: Point no.3 calling for purchase and sale details. In response to summons date 3/10/2016, Mr.Sandeep Goyal attended on 20/10/2016 but without the evidences called for in the summons. By note-sheet recording, 7 days were allowed for furnishing all documents and evidences called for, to comply with the requirements of the notices. When no detailed data for purchases and sale as sought were forthcoming, even after the scheduled date in the summons, a second summons was issued on 2/12/2016 providing another opportunity to the Director Sandeep Goyal to personally appear and produce the details of purchases and sale among others. Even this summons was ignored citing medical grounds till this date. Till the date of this order, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... links FZE, King Empire Group Ltd, Indicaa Group Limited and Gulf Agro General Trading LLC by the assessee company as well as other companies from which high-seas purchases by assessee were claimed. All import purchases from these companies date back to 2011 and 2012 as seen from the copy of invoices filed. The letter of credit issued by overseas Banks was liquidated within 180 days which do not pertain to the relevant financial year. There was therefore no reason for the assessee to account for the loss due to foreign currency fluctuation in the relevant financial year. The assessee was asked to explain why the claim of loss should be allowed in the relevant financial year to which no reply was forthcoming till the date of this assessment. I am therefore inclined to disallow the expenditure on foreign currency fluctuation and add back the sum of ₹ 15,25,69,000 to the income of the assessee of the relevant previous year. But since the books of account of the assessee had already been rejected for arriving at the net assessable profit of the relevant year in the preceding paragraph, no further disallowance of expenditure, debited in the profit loss account, is not called for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see produced a chart and a number of paper books were filed giving evidences of various submissions made by the assessee during the assessment proceedings. In Vol. S-3 of the paper book submitted, at page no.57, the assessee produced a copy of letter dated 18.10.2016, submitted to the Assessing officer, wherein the details, as required by the A.O., were produced by hand during the course of the assessment proceedings. Page no.67 of the handbook contains the sales and purchases of the assessee, page no.68 contains the month-wise details of electricity consumed, with a chart and a comparison of production and power consumption with another unit of the assessee. These were submitted as enclosures to the letter dated 18.10.2016. The assessee also produced paper book no. S-6, which contains the excise returns of the production, details of input-output and work-in-progress. This was sent by speed post and a copy of the speed post receipt dated 13.12.2016 has been produced before me. Hence, these details were submitted before the Assessing Officer by the assessee. In view of this, the contention of the Assessing Officer that the information required by him, were not produced during t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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