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2014 (1) TMI 242 - ITAT MUMBAIValidity of reassessment u/s 143(3) - Held that:- During the course of verification proceedings the assessee furnished re-audited accounts, and which were found to be at wide, unexplained variation with that submitted earlier - The assets, along with their nature and source, stand disclosed by the assessee per its revised balance-sheet, no addition could be validly made - The ld. CIT(A) has rightly restricted the addition to the admitted increase in the opening capital, toward which no satisfactory explanation stands furnished by the assessee - There is no basis for not accepting the revised trading result. The same could only be unacceptable where the accounts are shown to exhibit some fundamental defect - Decided against Revenue. Disallowance u/s 40(a)(ia) - Held that:- Following CIT vs. Crescent Export Syndicate [2013 (5) TMI 510 - CALCUTTA HIGH COURT] - The expenditure are disallowed if tax required to be deducted at source was either not deducted or, if deducted, not deposited by the due date - The word 'payable' u/s. 40(a)(ia) is not defined - There is nothing to restrict the word 'payable' to the sum outstanding as at the year-end, so that the provision would stand to be attracted where the principal sum was payable at any time during the year - Decided against assessee.
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