SAFE AND SURE MARINE SERVICES PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER, WARD 8(1)(2), MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL
“F” BENCH MUMBAI

BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER&
SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER
Safe and Sure
Marine
Services Pvt Ltd
5, 1st Floor Safar Bldg, 327, varsi Natha Street, Masjid
Bunder, Mumbai – 400 009. Vs.
ITO
Aayakar Bhavan,
MK Road – 400020. PAN/GIR No. AAHCS8193E
(Applicant)
(Respondent)

Assessee by None
Revenue by Shri Vivek Perampurna (CIT-DR)

Date of Hearing
01.12.2025
Date of Pronouncement
03.12.2025

आदेश / ORDER

PER SANDEEP GOSAIN, JM:

The present appeal has been filed by the assessee challenging the impugned order dt. 28.08.2024 passed under section 250 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre (NFAC) / CIT(A) for the assessment year 2013-14. 2. None appeared on behalf of the assessee, when the case was called repeatedly. From the file, we noticed that the notice of the present hearing was already issued to the assessee through RPAD and also through e-mail

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First Global Stock Broking Private Limited, Navi Mumbai id. murtuzanetterwala@gmail.com as per the report of registry. Since the notice was issued on the address given by the assessee and 30 days have already been lapsed from the date of issuance of notice therefore while drawing inference under the General Clauses Act, it is presumed that service has been validly effected upon the assessee therefore considering these circumstances assessee is proceeded ex-parte.
3. After hearing Ld. DR and after having gone through the facts of the present case, we noticed that the case of the assessee was assessed u/s 143(3) of the Act thereby assessing loss of Rs.
1,28,85,850/- after making disallowances. The AO found that assessee on the one hand is claiming interest expenditure and on the other hand has granted interest free loans and advances to the related parties. The assessee had diverted interest bearing borrowing in the form of interest free loans and advances to the related parties without utilizing the same for the purpose of business. Therefore disallowance was made u/s 36(1)(iii) of the Act. The said additions were also upheld by Ld. CIT(A) and nothing has been placed on record before us to demonstrate as to what has further happened in the case of additions.
4. We also noticed that several opportunities were granted even by Ld. CIT(A) before passing the impugned

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First Global Stock Broking Private Limited, Navi Mumbai order but assessee had not cooperated or assisted Ld.
CIT(A) during the proceedings.
4. After having gone through the entire record, it is evident that assessee made conscious and deliberate attempt in furnishing in accurate particulars of income in order to avoid the taxes and had not offered the income for taxation. Even otherwise no new facts or circumstances have been brought on record before us in order to controvert or rebut the findings so recorded by Ld. CIT(A).
Therefore, we see no reasons to interfere into or to deviate from the lawful findings so recorded by Ld. CIT(A). Hence, the ground raised and by the assessee stands dismissed.
5. In the result, the appeal filed by the assessee stands dismissed.

Order pronounced in the open court on 03.12.2025 (OMKARESHWAR CHIDARA) (SANDEEP GOSAIN)
ACCOUNTANT MEMBER JUDICIAL MEMBER

Mumbai, Dated 03/12/2025

KRK, Sr. PS

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First Global Stock Broking Private Limited, Navi Mumbai

आदेश की ितिलिप अेिषत/Copy of the Order forwarded to :
1. अपीलाथ / The Appellant
2. थ / The Respondent.
3. संबंिधत आयकर आयु / The CIT(A)
4. आयकर आयु(अपील) / Concerned CIT
5. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण,मुबई/ DR, ITAT, Mumbai
6. गाड फाईल / Guard file.

आदेशानुसार/BY ORDER,
सािपत ित ////