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TMI Blog2024 (10) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... PER : NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER: This appeal has been preferred by the Assessee against the order dated 18.06.2024, impugned herein, passed by the Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2020-21. 2. In the instant case, the Assessee had declared its total income at Rs. 79,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2022 u/s 154 of the Act, challenged the same before the Ld. Commissioner [Additional/JCIT (Appeals), First Appellate Authority, (in short "Ld. Addl./Joint Commissioner") and filed the statement of facts/ its contentions, however, in spite of sending three notices, the Assessee neither filed any reply nor made any response. Therefore, in the constrained circumstances, the Ld. Addl./Joint Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same for taxation in the return of income. As the said bill was discounted from Dena Bank and therefore the Dena Bank credited the Assessee's account by Rs. 34,34,000/- instead of Rs. 38,77,055/-. The Assessee in its audited financial report, recorded the said transaction as "contingent liability" in order to disclose true and fair value of the books of accounts. The Assessee subsequently on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20/Ex 101" to the tune of Rs. 38,77,055/-, against which Dena Bank through CC account on 21.03.2020 credited the amount of Rs. 34,34,000/-. From the export invoice dated 29.01.2020 it clearly appears that the Assessee has exported SS round bars worth Euro Dollars 47,985.55 (Rs. 38,77,055/- on the said date of export i.e. 29.01.2020) which was discounted at Rs. 34,34,000/- by the Dena Bank and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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