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TMI Blog2023 (11) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld. Addition to income of TDS u/s 194A on interest income earned - Since no interest income was shown by the assessee in the return of income, this sum was added to total income by the AO while completing the assessment - Even before us, we find that no evidence has been filed by the assessee or by his authorized representative to justify the fact as to whether this interest income has been included in the total turnover. In any case, it is not in dispute that the amounts received from the aforesaid four parties represent interest income only which needs to be assessed separately under the head Income from other sources . Once the receipt represents interest income which has been subjected to deduction of tax at source u/s 194A of the Act by the payers, then it cannot be part of total alleged business receipts as stated by the assessee and the said interest income is to be taxed separately under the head income from other sources which has been rightly done by the lower authorities. Hence, we do not find any infirmity in the action of the lower authorities in this regard. Accordingly, the addition is hereby upheld. Disallowance of excess depreciation - We have a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. That the addition made of Rs. 12,25,467/- were only on the basis of presumption and guess work of the assessing officer because the provision of law contained u/s 145 has never been invoked besides this the assessing officer has farther failed to appreciate, that on the identical facts the declared income have already been accepted as correct in the preceding year, and in the subsequent years also. 4 . That the order passed is unconstitutional, having no locus standi under law as the assessing officer has charged commission on lump-sum basis @ 0.60% on the entire transactions appearing as credited in the bank of the appellant company for Rs. 20,42,44,469/-. 5. That the Ld. AO has grossly erred on facts of the case as even after accepting profits as per books of account he presumed that the appellant company is in the business of providing accommodation entries without the support of any material either collected or ever placed upon records. 6. That no proper and reasonable opportunity, if any was ever afforded by the assessing officer and by the Ld. CIT(A) prior proceeded to complete the assessment proceedings and to adjudicate the appeal arbitrarily capriciou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.2022, 27.02.2023, 09.05.2023 and 26.07.2023 i.e., today. On none of these occasions, the assessee either in person or through its authorized representative was present for prosecuting the appeal. Not even an adjournment petition was filed by the assessee. The notices sent to the assessee to the address mentioned in Form No. 36 has been returned unserved by the Postal Authorities with the remarks, No such person. Further an e-mail has also been sent to the authorized representative of the assessee which also did not fetch any fruitful result. In view of the continuous non-appearance of the assessee and his authorized representative, we proceed to dispose of this appeal by hearing the ld. DR and based on the material available on record. 4. The assessee filed its return of income for the AY 2013-14 on 02.12.2014 declaring the total income at Rs. 1,48,380/-. The assessee pleaded before the ld. AO that it is carrying on business activity. But, no evidence whatsoever was furnished by the assessee before the ld. AO to justify the fact that the assessee was indeed carrying on any business. Accordingly, the ld. AO rejected the plea of the assessee that it is conducting any business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,78,973/- iii) Harvinder Singh Bhasin Rs. 58,500/- iv) Lemon Developers Pvt. Ltd. Rs. 1,42,685/- Total Rs. 4,03,213/- 7. The assessee submitted that the aforesaid receipts represent interest income received from the aforesaid parties and the same has been erroneously included in the total turnover of the assessee company which are already reflected in the bank statement. Accordingly, he pleaded before the ld. CIT(A) for deletion of the addition. The ld. CIT(A) observed that no evidence has been filed by the assessee to prove the aforesaid arguments and even gave a finding that the explanation submitted by the assessee is false. Accordingly, he upheld the action of the ld. AO. Even before us, we find that no evidence has been filed by the assessee or by his authorized representative to justify the fact as to whether this interest income of Rs. 4,03,213/- has been included in the total turnover. In any case, it is not in dispute that the amounts received from the aforesaid four parties represent interest income only which needs to be assessed separately under the head Income from other sources . Once the receipt represents interest income which has be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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