Asian Earth Movers Vs ITO (ITAT Bangalore)
ITAT Bangalore held that dismissal of appeal by First Appellate Authority [CIT(A)] due to non-payment of advance tax unjustified as assessee was not required to pay advance tax. Hence, matter remanded back for fresh consideration.
Facts- The assessee did not file return of income u/s. 139(1) for the AY 2018-19 and from the information available it was noticed that assessee had received contract receipts of Rs.3,85,020, commission of Rs.2,31,818 and immovable property transaction of Rs.67,67,000 and accordingly notice u/s. 148 was issued after due enquiry. Initially the assessee did not respond, however it filed details on 08.12.2022, 26.01.2023 and 03.03.2023 and submitted that the assessee did not carry out any business activity and earned any income and the last return of income was filed for AY 2015-16 with a loss of Rs.2.42 crores and assessment was completed at a loss of Rs.1.95 crores. A property which was mortgaged with State Bank of India, Bellary was sold by the Bank to adjust their outstanding liability and deducted TDS. The AO noted from the submission of the assessee dated 23.02.2023 that an amount of Rs.6,16,838 (385020+231818) is disclosed in the return submitted in response to notice u/s. 148. The AO calculated undisclosed short term capital gain of Rs.67,67,000 and total income was determined at Rs.68,16,348 in the reassessment order passed on 15.03.2023.
First Appellate Authority dismissed the appeal. Being aggrieved, the present appeal is filed.
