9911796707
TMI Blog2020 (11) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... us, we also do not find anywhere that the particular amount has been debited into the profit and loss account. The findings recorded by the CIT(A) in this regard are justified. Accordingly, we uphold the order of the CIT(A) with regard to deletion of addition made by the AO under the head provision for unreconciled OD and CC loan and dismiss the appeal of the Revenue. - ITA No. 63/CTK/2017 - - - Dated:- 20-11-2020 - SHRI C. M. GARG , JM And SHRI L. P. SAHU , AM Revenue by : Shri Subhendu Dutta, DR Assessee by : Shri P.R.Mohanty, Advocate ORDER Per L. P. Sahu, AM: This is an appeal filed by the Revenue against the order dated 15.11.2016, passed by the CIT(A)-2, Bhubaneswar for the assessment years 2010-2011, on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts under the head provision for unreconciled OD CC loan since long under Current Liabilities. At present to furnish the appropriate compliance is require some time. Further, the Concerned Statutory Auditor is out of Station. Therefore it is requested that time extension may be allowed to submit the proper compliance. Further the assessee could not explain to the satisfaction of the AO in this regard. Accordingly, the AO disallowed the amount of ₹ 1,91,32,790/- claimed under the head provision for unreconciled OD and CC loan. 3. Feeling aggrieved from the order of AO, the assessee filed an appeal before the CIT(A) and the CIT(A) deleted the additions made by the AO. 4. Aggrieved further from the order of CIT(A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lenged the addition made by the assessing officer of ₹ 1,91,32,790/- being provision for unreconciled OD and CC loan. It is claim of the appellant that for computation of total income the assessing officer has considered net profit as per provisional P L account, in which no provision of ₹ 1,91,32,790/- on account of unreconciled OD CC loan has been debited. I have gone through the provisional P L account and computation of total income of the appellant. I find that the provision of ₹ 1,91,32,790/- has-been debited to the final accounts and not to the provisional accounts. Since the assessing officer has determined the appellant's total income on the basis of provisional accounts, the addition made by the assessing o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
