MK DIAMOND MOUNTINGS,MUMBAI vs. ASSESSING OFFICER 42 2 1, MUMBAI

On the facts and circumstances of the case and in law the learned Commissioner of Income Tax Appeals erred in confirming disallowance of Rs.5826177/-being 12.50% out of all direct expenses of Rs.46609416/- made by the learned Assessing Officer. Provisions of the Act ought to have properly construed and regard being had to facts of the case such disallowance of Rs.5826177/-should not have been made. Reasons assigned by him are wrong and insufficient to justify disallowance of Rs.5826177/- out of total direct expenses of Rs.46609416/-.

On the facts and circumstances of the case and in law the learned Commissioner of Income Tax Appeals erred in confirming disallowance of Rs.666006/- being 12.50% out of all indirect expenses of Rs.5328053/- made by the learned Assessing Officer. Provisions of the Act ought to have properly construed and regard being had to facts of the case such disallowance of Rs.666006/- should not have been made. Reasons assigned by him are wrong and insufficient to justify disallowance of Rs.666006/- out of total indirect expenses of Rs.5328053/-.

The learned Commissioner of Income Tax Appeals erred in confirming order made under section 143(3) of the Act which is illegal, bad-in-law, ultra virus without jurisdiction and without allowing reasonable opportunity of the hearing. without appreciating facts, submission and evidences in their proper perspective is liable to be annulled.

The learned Commissioner of Income Tax Appeals erred in appreciating the fact that appellant is assessed in the residential status of 'NON RESIDENT' and in body of order referred as 'INDIVIDUAL' which shows non application of mind of the Assessing Officer and order is liable to be annulled.

The learned Commissioner of Income Tax Appeals erred in confirming charging of interest under section 234B and 234C of the Act ADDITIONAL GROUNDS OF APPEAL

On the facts and circumstances of the case and in law notice issued under section 143(2) of the Act dated 19.06.2024 is not in conformity with instruction issued by Central Board of Direct Taxes F.No.225/157/2017/ITA- II dated 23.06.2017, which are binding on learned Assessing Officer and therefore notice issued under section 143(2) of the Act is invalid and make subsequent assessment also invalid and liable to be annulled.

On the facts and circumstances of the case and in law the learned Assessing Officer failed to serve draft assessment order as provided under section 144B (xxi) of the Act, thereby assessment completed under P a g e | 3 A.Y. 2023-24 MK Diamond Mountings section 143(3) rws 144B of the Act is bad in law, contrary to the provisions of the Act and liable to annulled and set aside.