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2014 (8) TMI 60 - ITAT AHMEDABADLand development charges and related expenses u/s 37(1) Failure to produce books of accounts and documentary evidences Held that:- CIT(A) has given a very cryptic finding by stating that during the year GP margin has been shown at 0.95% as against 0.20% in the immediate preceding year - The addition of the whole expenditure claimed, shows that the AO has acted in arbitrary manner without applying his mind - This assessment cannot be termed as best judgement assessment u/s.144 and the addition deserved to be deleted the finding of CIT(A) is not correct - CIT(A) has not given finding as to how the expenditure claimed in the P&L account can be allowed without any supporting evidence thus, the matter is remitted back to the CIT(A) for fresh adjudication Decided in favour of Assessee. Unexplained investment u/s 69 Failure to explain the source of investment Held that:- CIT(A) has simply stated that the investment has been fully explained by the assessee - CIT(A) has not sought any remand report from the AO - this ground is also restored back to the CIT(A) for fresh adjudication Decided in favour of Revenue. Unexplained cash credits u/s 68 Failure to produce documentary evidences Held that:- The AO has observed that there is an increase in unsecured loans and the assessee was asked to explain the increase in secured loans and to furnish the details - CIT(A) has given a finding on fact that the amount does not represent cash credit but this is in fact loan/advance given thus, the matter is remitted back to the CIT(A) for fresh adjudication Decided in favour of Revenue.
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