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TMI Blog2022 (6) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and thus the assessee is not entitled to relief available under Sections 11 and 12 of the Act. In the absence of any rebuttal of such allegations, no interference with the findings of the CIT(A) is called for. The CIT(A) has given findings on merits which are self explanatory and in the absence of relevant facts to dislodge the factual finding, we are not inclined to interfere with such findings in ex-parte proceedings. Consequently, we decline to interfere with the order of the CIT(A). Appeal of the assessee is dismissed ex-parte. - I.T.A. No. 6828/DEL/2014 - - - Dated:- 7-6-2022 - SHRI SAKTIJIT DEY , JUDICIAL MEMBER And SHRI PRADIP KUMAR KEDIA , ACCOUNTANT MEMBER Appellant by : None Respondent by : Ms. Anupama Singl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under section 148 was issued to the appellant requiring it to find its return of income. Finally, the appellant filed its return of income on 20.9.2012. In the said return, the appellant had shown a gross total income of Rs. 32,63,419/- which was however claimed as exempt under section 10 and 12A of the IT Act 1961. In the grounds of appeal the appellant has not raised the issue of exemption under section 10, so no comments are being made on this point although the assessing officer has clearly demonstrated in the assessment order that the appellant is not entitled for exemption under section 10. 3.2 The AO in his assessment order had quoted extracts from the assessment order of the immediately preceding assessment year, that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an opinion that the AO has rightly denied exemption under section 11 to the appellant. The ground of appeal Nos. 1 2 are therefore dismissed. 4. Deciding decision on grounds of appeal No. 3: This ground relates to addition of Rs. 24,61,996/- on the ground that the accrued interest on fixed deposit receipts was-not declared as income from other sources by the appellant. The gist of submission of the AR on this point is that the appellant is maintaining its books of accounts on cash basis and therefore the interest income will be taken into account-in the year in which the FDRs are matured. I have considered the rival submissions as above. Even if the appellant is maintaining its books of account on cash basis, as per the norms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titled for depreciation on the fixed assets owned and used by it for its business during the concerned previous year. The assessing officer has tossed aside the arguments of the AR by simply writing that the explanation is not satisfactory and the assessee has failed to furnish evidence in this regard. The AO had nowhere mentioned in his order as to what evidence was required to be furnished by the appellant on this matter. The AO has not established that the capital assets on which depreciation has been claimed have not been owned and used for the purpose of business by the appellant in the concerned previous year. On the basis of above facts I have come to a conclusion that the appellant is entitled to depreciation if its income is consid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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