The assessee partnership firm filed its return of income, subsequently selected for compulsory scrutiny under the CBDT guidelines in Clause 2(q) for the financial year 2006-07.\u00a0 During the assessment proceedings, the assessee firm failed to explain the difference between the value of plant and machinery claimed to be purchased in the Balance Sheet as on 31-03-2004 and the balances carried forward as on 01-04-2004 in the books of accounts.\u00a0 The assessee raised the issue of selection of its case under compulsory scrutiny in violation of the CBDT\u2019s circular\/guidelines, particularly Clause 2(q) for the financial year 2006-07.\u00a0<\/p>\n
On appeal, the Hon\u2019ble Court held that there is no violation of the procedure laid down in the CBDT\u2019s circular for selection of the cases for the financial year 2006-07 and accordingly, the order passed by the ITAT upholding the assessment order making addition u\/s 69A of the Act was sustained. (AY. 2007-08) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Compulsory Scrutiny-Difference between the value of plant and machinery shown in the Balance Sheet on 31-03-2004 and opening balance shown on 01-04-2004 in the books of accounts-Assessee firm failed to explain the difference in the investments in plant and machinery-Addition is confirmed, [S. 144, 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-53225","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dQt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=53225"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53225\/revisions"}],"predecessor-version":[{"id":53226,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53225\/revisions\/53226"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}