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Extract from Balance sheet Jawaharlal Nehru Shekshanik And Samajik Sansthan vs. Exemption The authenticity of unsigned financial statements cannot be established. In other words, credibility of Form 10B is also questionable.
4.7 Moreover, the appellant has not provided any explanation or supporting evidences end relation to capital expenditure disallowances as contemplated by the learned AO during the assessment proceedings as well as during the appellate proceedings. Thereby failing to discharge its primary onus of submitting explanation and documentary evidences end relation to own claim. Therefore, the claim of appellant is not maintainable at all.
- Assessee, during assessment proceedings itself filed duly signed copy of Financial Statements (of which unsigned copy was earlier filed inadvertently), which duly matched with segment wise Financial Statements, duly signed, which were filed before ld.AO, therefore credibility of Audit Report is proved beyond doubt.
Further, with regard to the non-filing of details related to capital expenditure is concerned, it is submitted that the books of accounts of the Sansthan are duly audited by a firm of chartered accountant and the necessary report in form 10B was also filed wherein no adverse comments was mentioned by the auditor with respect to the capital expenditure incurred during the year. Also, an application u/r 29 of the Income Tax Jawaharlal Nehru Shekshanik And Samajik Sansthan vs. Exemption (Appellate Tribunal) Rules, 1963 is being submitted containing the details of capital expenditure incurred which could not be submitted before the lower authorities considering that the issue was related to non-filing / late filing of audit report in form 10B and as a consequence the details of capital expenditure which was available and verified by the auditor during the course of issuing the audit report could not be submitted.