9911796707
TMI Blog2023 (2) TMI 791X X X X Extracts X X X X X X X X Extracts X X X X ..... account of unexplained unsecured loans was made by the authorities below u/s 68 and provision of section 115BBE was invoked for computing the tax liability on this addition - HELD THAT:- CIT(A) has noted that invocation of section 115BBE was proper. In the absence of any representation from the assessee to counter the finding of the CIT(A) we are constrained to confirm the order of the ld.CIT(A). Accordingly, we uphold the order of the CIT(A) on this issue and reject this ground of appeal No.2(B) of the assessee. CIT(A) directing the AO to bring to tax all income pertaining to the TDS deducted and claimed by the assessee - HELD THAT:- In the absence of material on record to and for want of representation from the assessee, we find no infirmity in the aforesaid direction of the Ld.CIT(A). In fact the Ld.CIT(A) has in all fairness allowed entire TDS credit to be given to the assessee but at the same time directed all income pertaining to the said TDS to be brought to tax. We see no reason to interfere in the well reasoned order of the Ld.CIT(A). - ITA No.120 and 121/RJT/2021 - - - Dated:- 16-12-2022 - SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SMT. MADHUMITA ROY, JUDICIAL M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Notice Date of Issue Date of Compliance Status 1. 143(2) 19.07.2017 10.08.2017 Not complied with 2. 142(1) rws 129 20.07.2018 30.07.2018 Not complied with 3. 142(1) 04.09.2018 11.09.2018 Not complied with 6. The assessee filed reply to the notice stating that he was not in Morbi and out of Gujarat during the assessment proceedings and his accountant was also not in town and that is why he could not comply with the notice issued during the assessment proceedings. The AO however did not accept the explanation of the assessee since the same was not duly substantiated and evidenced. He therefore held that the assessee was unable to prove the existence of any reasonable cause for non-compliance with the notices issued under section 143(2) and 142(1) of the Act as detailed above and levied penalty of Rs.20,000/- for non-compliance of notice under section 143(2) dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies for transporting petrol, diesel etc. The freight earned by the assessee on his own tanker is shown as freight income for respective owned tankers in his books. In addition to that, there are certain tanker owners who ply their tankers with the oil companies/ through the assesse and the assesse earned only fix rate of commission on such freight. This commission earned by the assesse has been offered/to tax as commission income. However, the oil companies make the TDS in name of assese in respect of freight belonging to the outside of tanker owners. It is such TDS for which the learned AO has not given the credit in the assessment order. Separate accounts of each of outside tanker owners are maintained and freight earned by them through the assessee acting as commission agent is credited to the account of respective tanker owners,: and the commission earned there on Is; debited to their respective account. The expenses on plying on such tankers are borne by the respective tanker owners. As such the freight income and the expenses incurred on earning such freight is that of the respective tanker owners not of the assesse, though the oil companies make the IDS in the name of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d loan as unexplained cash credit. 6. During the appellate proceedings no further submission has been filed stating as to how the action taken by the AO is incorrect. In view of the facts noted by the AO I hold that since the appellant has failed to discharge his onus with regard to cash credit therefore the addition made by the AO u/s 68 of the I.T. is confirmed, it is further noticed that the AO has invoked the provision of section 115BBE of the I.T. Act for computing the tax liability on this addition, which is proper Grounds 2 3 are accordingly dismissed. 15. We have perused order of the ld.CIT(A) and we have noted that the authorities below have given concurrent finding of fact that the assessee has failed to establish genuineness of the loan allegedly received by it from one Shri Rohit N.Patel. In the absence of any representation from the assessee, and in the absence of any material on record to support the case of the assessee, the concurrent findings of the authorities below remain uncontroverted. The order of the Ld. CIT(A) upholding the addition of Rs.99,950/- ,accordingly calls for no interference. The ground of appeal No.2(A) of the assessee is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
