9911796707
TMI Blog2021 (10) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in law and on facts in passing assessment order u/s. 148/144 of the Income Tax Act, 1961 without serving notice to the Assessee Company as prescribed in the act. The order which does not comply with the requirement of Section 147/148 of Income Tax Act, 1961 is nullity as the order of Assessment was passed U/s 144 of the Income Tax Act, 1961. 2. The Ld. Assessing Officer, erred in law and on facts in passing assessment order u/s. 148/144 of the Income Tax Act, 1961 without giving opportunity of being heard to the Assessee. The CIT(A) has further erred in law in partly allowing the appeal but by maintaining substantial additions on account of Sundry Creditor and other grounds. 3. That the CIT(A) failed to appreciate the submissions and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. 3. Assessee is into manufacturing of auto-parts. AO noticed form the documents available on record that there is an increase in the sundry creditors during the year under assessment to the tune of Rs. 86,71,196/-. AO proceeded to make addition thereof on the ground that since detail of sundry creditors has not been filed by the assessee, increase in the sundry creditors has been treated income of the assessee from undisclosed sources. AO also made addition of Rs. 70,762/- on account of interest received from M/s. Intec Securities Ltd. on which tax at source has been deducted under section 194A of the Act. Accordingly, AO framed the assessment u/s. 148/144 at an income of Rs. 1,63,73,063/-. 4. Assessee carried the matter before the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation made by the AO that, "It is observed that the assessee is engaged in the manufacturing of auto parts. Copies of the bank statement of the accounts maintained by the assessee company are available on record. Copy of 'audited' Balance Sheet, P&L account with Form No. 3CD were also obtained. But the authenticity of the audit report could not be established due to paucity of time and moreover, no address of the auditor/CA has been mentioned on the papers signed by the auditor/CA.", the addition has been made on the basis of surmises in haste. 10. Even the findings returned by ld. CIT(A) that, "In the course of appeal proceedings the appellant has submitted that "....the parties are such where even the confirmation are not readily ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urning following findings:- "5.2.5.1 I have carefully considered the submissions of the appellant and the assessment order on this issue. It is clear that appellant has received interest income from M/s. Intec Securities which should have been offered to tax. However, for reasons which are at variance with the Income Tax Act, 1961, the same has not been offered to tax by appellant. Addition of Rs. 70,762/- by AO is accordingly upheld." 13. Again, ld. AR for the assessee contended that he has brought on record the entire details viz. P&L account with Form 3CD, audited balance sheet, bank statements, which is evident form para 3 of the assessment order, as well as before the ld. CIT(A), but no cognizance has been taken of the documents. Si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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