ARPAN LEASING CO. LTD,MUMBAI vs. ITO 2(1)(1), MUMBAI

This is an appeal filed by the assessee against the order of CIT(A)-3, Mumbai dated 23/01/2017 for Assessment year 2010-11 in the matter of ex-parte order passed u/s.144 r.w.s. 147 of the IT Act.

Rival contentions have been heard and record perused.

Facts in brief are that assessee is engaged in the business of lease financing and hire purchase. It was submitted by learned AR that assessee did not carry out any revenue generating activities since 01/04/2007 and therefore, in the year under consideration, there was no taxable income. On the basis of AIR information, assessment was reopened. However, AO passed order u/s.144 wherein addition was made on account of amount deposited in the cash with UCO Bank, Mumbai during the year. 4. Before the CIT(A), assessee filed additional evidence to substantiate depositing of money in bank account wherein assessee has filed following documents:- a. Confirmation letter alongwith copy of PAN card of Dinesh Devji Shah (Prop. Of Dinesh Decorators Caterers) b. Confirmation letter of K P Engineering Co., c. Confirmation letter of S. Ashwinikumar & Co. from the books of assessee company and the said party