Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 278 - AT - Income TaxUnexplained expenses u/s 69C – Entire sales represents income from undisclosed sources or not - Held that:- Following the decision in ACIT, Central Circle-21 New Delhi Versus Glorious Club Pvt. Ltd. [2014 (4) TMI 440 - ITAT DELHI] CIT(A) found that sales had been made by account payee cheques and duly reflected in stock registers and supported by sale and purchase vouchers – the AO in his remand report did not comment adversely on the contentions of the assessee in respect of purchases and sales – thus, the CIT(A) rightly deleted the additions - source of the expenditure incurred in purchases is obviously explained - the Revenue did not place any material for controverting the findings of facts recorded by the CIT(A) - the addition in question was wrongly made u/s 69C of the Act as the expenditure was accounted for in the regular books of account and hence the source is obviously explained – thus, the order of the CIT(A) is upheld – Decided against revenue. Disallowance of expenditure and depreciation – Held that:- Following the decision in Assistant Commissioner of Income Tax, Versus /s Blue Luxury Impex Pvt. Ltd., (Formerly known as Alfa Engitech (P) Ltd. [2012 (7) TMI 467 - ITAT DELHI] - in the absence of any basis, when the Revenue did not even identity any specific amount of expenditure, which was not related to the business of the assessee, the order of the CIT(A) is to be upheld – Decided against revenue.
|