9911796707
TMI Blog2021 (2) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... as noted a delay of 344 days in the appeal, the condonation of which has been sought by the assessee on the basis of condonation petition which is supported by the affidavits of assessee's director as well as Manager and Accountant. The delay has been attributed, inter-alia, to the fact that business operations had closed down and there was frequent change in the board of directors. Further, the concerned director looking after the taxation mater was suffering from medical adversities. Also, there was lack of coordination between assessee's advocate and Chartered Accountant which led to delay in filing of appeal. Upon perusal of these documents, we are inclined to condone the delay and proceed for disposal of the appeal on merits. 3. Durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come aggregating to Rs. 10.96 Lacs. Accordingly, the case was reopened as per due process of law. The statutory notices u/s 143(2) & 142(1) were issued in due course of time. The assessee was stated to be engaged in the business of foreign exchange, tour & travelling etc. but the business was stated to be closed down during June-July of the financial year. No business activities were stated to be carried out thereafter except for completion of legal formalities required for closure of business. 5.2 Upon perusal of financial statements, it transpired that the assessee claimed expenditure of Rs. 69.95 Lacs and computed business loss of Rs. 45.53 Lacs. Accordingly the assessee was directed to furnish requisite details as well as documentary e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us to substantiate the business expenditure was on assessee and despite being provided with ample opportunities to do the same, the assessee is unable to file the requisite details and documentary evidences. Accordingly, we see no reason to interfere with the impugned order. Ground No.1 stand dismissed. In Ground No.3, it has been pleaded that interest income has been added twice since the interest income was credited to Profit & Loss Account while the same has separately been treated as Income from Other Sources. We are of the considered opinion that if interest income is excluded from profit & loss account, the business loss would increase further. However, the same would still be not be allowable since the assessee has not substantiated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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