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TMI Blog2022 (1) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2013-14. 2. In this case the return of income for declaring a loss of Rs. 26,34,469/- was filed by the Assessee on dated 30th November, 2013. Thereafter the case of the Assessee was selected for scrutiny and assessment was framed on dated 30th March, 2016 while assessing the income of the Assessee at Rs. 13,04,030/- as against the returned loss of Rs. 26,34,469/- by disallowing the foreign exchange loss and office maintenance expenses to the tune of Rs. 33,93,027/- and Rs. 5,45,475/- respectively. Against the said disallowances, the Assessee preferred first appeal before the ld. Commissioner, who vide impugned order though deleted the disallowances under challenge, however, enhanced income of the Assessee by disallowing trade liabilitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue of addition of 4,51.21,897/- and restore the matter back to the file of the Ld. CIT(A) for deciding afresh after providing adequate opportunity of being heard to both the assessce as well as to the Assessing Officer. The Ground No. 1 (iv) of the appeal is accordingly allowed for statistical purposes. 10. As far as the issue of addition for 50% out of trade payables is considered, the Ld. CIT(A) observed as under : "19. Admittedly, the appellant has booked huge amount of liabilities from its sister concern, M/s PrieumaxSpA Italy. The appellant has brought nothing on record to justify the incurring of such huge liabilities to its sister concern. The proof of the goods actually having been purchased by the appellant from its si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us as held by the learned CIT(A) and the Assessee should produce documentary evidence in support of all the purchases made during the year under consideration. We are of the considered opinion that this issue needs verification by the lower authorities. Accordingly, we set aside the finding of the learned CIT(A) on the issue in dispute and restore the matter back to the file of the learned CIT(A) for deciding afresh in accordance with law, after affording adequate opportunity of being heard to both the Assessee as well as the Assessing Officer. The grounds of appeal are accordingly allowed for statistical purposes. " 3.1 The ld. AR in support of the above submissions also focused and relied upon following judgments; (i) Amrut Tubewell C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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