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Income Tax Appellate Tribunal, “B” BENCH : BANGALORE
Before: SHRI SUNIL KUMAR YADAV & SHRI INTURI RAMA RAO
Per Sunil Kumar Yadav, Judicial Member
This appeal is preferred by the assessee against the order of CIT(A), interalia, on the following grounds:
1. That the order of the learned authorities below in so far it is prejudicial to the interests of the appellant is bad and erroneous in law and against the facts and circumstances of the case.
2. That the learned Assessing Officer erred in law and facts in adding creditors written back of Rs. 6,79,754/- under the head 'income from other sources' though the same was considered by SSPL while computing income under the head 'profits or gains from business or profession' and on which tax was also paid, there by resulting in taxation of same income twice.
3. That the learned Assessing Officer erred in law and facts in adding foreign exchange gain of Rs.30,64,611/- under the head 'income from other sources' though the same was considered by SSPL while computing the income under the head 'profits or gains from business and on which tax was also paid, there by resulting in taxation of same income twice.
4. That the learned Assessing Officer erred in law and on facts in adding creditors written back of Rs. 6,79,754/- and forex gain of Rs. 30,64,611/- under the head 'income from other sources' without assigning any reasons whatsoever.
This appeal came up for hearing on 13.11.2017 but none appeared on behalf of the assessee. However, application for adjournment was received in the office. After careful perusal of it, we find no merit therein. We accordingly reject the same and proceed ex- parte against the assessee. Accordingly, Revenue was heard.
Having carefully perused the order of the CIT(A) in the light of Revenue’s contentions, we find that CIT(A) has discussed all issues raised before him in detail in the light of assessee’s contentions. Being not convinced with the contention of the assessee, CIT(A) confirmed the additions.
We have examined the merits of additions made by the AO but we find no infirmity in the order of the CIT(A). Accordingly, we confirm his order.
In the result, appeal of the assessee stand dismissed.
Pronounced in the open court on 17th November, 2017.