9911796707
TMI Blog2024 (10) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... y in clause 21(g) of the financials/audit report as on 31.03.2021, wherein it is clearly written (contingent liability for bill discounted since realized : Rs. 34,34,000/-) and on dated 15.04.2020, the Assessee ultimately has received foreign remittance of the aforesaid amount of Rs. 34,34,000/-being credited by Dena Bank. It is also an admitted fact that said amount was offered for taxation. Hence considering the peculiar facts and circumstances in totality, addition on this context is un-sustainable. Accordingly, the addition under consideration pertaining to the export sales bill i.e. invoice No.SSL 1920/Ex 101 is deleted. - Shri Narender Kumar Choudhry, Judicial Member And Shri Ratnesh Nandan Sahay, Accountant Member For the Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Commissioner dismissed the appeal of the Assessee in limine for non-prosecution, against which the Assessee is in appeal before us. 5. Heard the parties and perused the material available on record. It is admitted fact that in the impugned order though the Ld. Addl./Joint Commissioner reproduced the statements of facts/contentions as submitted by the Assessee before the Ld. Commissioner, however, did not adjudicate the same, hence considering the peculiar facts, we deem it appropriate to delve into the merits the case. The Assessee has submitted that during the year under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 same was shown as contingent liability in clause 21(g) of the financials/audit report as on 31.03.2021, wherein it is clearly written (contingent liability for bill discounted since realized : Rs. 34,34,000/-) and on dated 15.04.2020, the Assessee ultimately has received foreign remittance of the aforesaid amount of Rs. 34,34,000/-being credited by Dena Bank. It is also an admitted fact that said amount was offered for taxation. Hence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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