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2014 (8) TMI 274 - ITAT MUMBAIUnaccounted Contract receipts – Held that:- CIT(A) has given a finding that the amount has been credited to the Cartage account - CIT(A) did not consider any fresh material, he has only considered the books of accounts of the assessee - the assessee has claimed credit of the TDS amount deducted from the payment - submissions made by the assessee before AO and also the decision rendered by CIT(A) shows that the assessee has disclosed the amount in the profit and loss account by crediting the “Cartage expenses” account with the amount - When the assessee has duly accounted for the amount in its account and has also brought the same to the Profit and Loss account through the “Cartage Account”, there was no reason to assess it again – the order of the CIT(A) is upheld – Decided against Revenue. Unidentified Sundry creditors – Held that:- The assessee has challenged the presumption entertained by the AO - the view entertained by the AO that they are outstanding for more than one year is wrong - no creditor’s balance was outstanding for more than six months - CIT(A) shows that the AO has also appears to have acted in a hasty manner on this issue - assessee has expressed its difficulty in procuring and furnishing the details that were called for by the AO - These explanations of the assessee requires examination at the end of the AO – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue. Disallowance out of Telephone, Conveyance, Cartage – Held that:- CIT(A) has held that these disallowances need to be set aside, since he had estimated the net profit by rejecting the books of account of the assessee - the order of CIT(A) is set aside with regard to the rejection of books of account, the issue now requires adjudication - since the issue relating to the Sundry Creditors, the disallowances may also be examined afresh at the end of the AO – thus, the matter is remitted back to the AO – Decided in favour of Revenue.
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