9911796707
TMI Blog2021 (7) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... oner states that the Respondent issued a show-cause notice purported to be a Draft Assessment Order dated 23rd February 2021. He states that on a bare reading of the said show cause notice, it is apparent that the Respondent has asked further questions and therefore the same can, at best, be regarded as a notice under Section 142(1) of the Act. He states that this becomes clear since the impugned notice does not indicate the amount proposed to be disallowed by the Respondent, which is the primary and essential condition for making the draft order. He lastly submits that the impugned assessment order has been passed without considering the reply filed by the Petitioner. 4. With the assistance of learned counsel for parties, we have perused ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd paid Rs. 1936009/- as payment towards gratuity and that is not allowable under section 40A (7). and Rs. 1410763/- paid by you that is not allowable under section 40A(9). 5. You have made payments of Rs. 28998/- under section 40A(3) It is found from the record submitted by you that from the closing stock sheet given to the auditor there are 3 items that are having negative stock of 48124 RXN valuing Rs-341344/- so negative value of the stock has been included in the closing stock and it was observed that stock were not maintained properly. 6. You have imported assets and has been loss on account of change in foreign currency amounting Rs. 193121/- which should have been capitalised as per the provisions of section 43A of the ITAct1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plants, lifts, etc). all risk comprehensive insurances (of building, DG sets, air-conditioning plants, furnishing, fixtures, et), maintenance of the aforesaid Scheduled Premises & external house keeping, etc. Any mandatory approval, permission sanction required from the local authorities for the purpose of functioning of Lessee's operational activities shall be within the scope of maintenance and the charges thereof (if any) shall from a part of the maintenance charges. The Lessor will keep a record of the actual expenditures incurred under all heads of maintenances. The Lessee will pay to the Lessor proportionate charges on the basis of the actual cost +20%. Current maintenance charges are Rs. 13.50/- per sq ft super area Per month and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able to reconcile the quantities handled by it as between purchases and sales subject to adjustment as between opening and closing stocks as pointed out in the audit report, hence the accounts maintain by the assessee are to be taken as unproved in view of the various discrepancies and non maintenance of bill/vouchers for majority of the expenditure which are themselves unreliable or otherwise not capable of proving assessee's income/expenditure. 11. The income returned i.e. loss is ridiculously low as compared to the turnover and expenditure claimed by the assessee and the extent of the business carried on by the assessee. It leads to the conclusion that the account books and the particulars therein are not reliable. It is not only relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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