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Showing contexts for: unsigned statement in Nisa Industrial Services Pvt. Ltd., ... vs Acit- Wd -10(3)(1), Mumbai on 24 November, 2020Matching Fragments
c) M/s Pokhrana Impex Private Limited:
A summon was issued to the party on the address as per the audit report on 17.11.2016 calling for personal attendance of the party on 21.11.2016. But no one attended the hearing instead letter was filed containing unsigned Ledger account, copy of income tax returns and bank statements reflecting the payment. A show cause was issued to the assessee to produce the party and according to the AO there is no ITA . No . 31 7 1/ Mu m/ 20 1 8 ( A. Y: 2 0 14 - 1 5 ) M/s. Nisa Industrial Services Pvt. Ltd., creditworthiness in the party as evident from the ITR which shows Nil income. He observed that in the show cause notice, it is specifically asked to produce the party, therefore assessee has failed to discharge its onus to prove identity, creditworthiness and genuineness of the party. The AO observed that the return of income of the party is nil and the immediate source of funds are from M/s Suyansh Gems. On further analysis of the Balance Sheet shows that there are no fixed assets in the books of the company though it is a manufacturer, importer and exporter of diamonds.