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2019 (4) TMI 1980 - ITAT CHENNAIUnexplained credit u/s 68 - HELD THAT:- By filing copy of the bank statement of the assessee for the period from 01.04.2011 to 31.03.2012, the assessee prayed for deleting the addition made towards short term borrowings. Since the assessee has not furnished the bank statements and supporting evidence, the AO treated the same as unexplained credit and brought to tax u/s 68. We remit the matter back to the file of the AO to examine the details as furnished before the Tribunal and decide the issue in accordance with law by affording an opportunity of being heard to the assessee. Disallowance of finance cost - HELD THAT:- We find force in assessee argument that as per loan agreement, the assessee is liable to pay interest @ 14.25% for the loan obtained from M/s. Great Meera Finlease Pvt. Ltd. and paid interest and moreover, the assessee has deducted TDS. We direct the Assessing Officer to verify bank account of the assessee as well as accounts of M/s. Great Meera Finlease Pvt. Ltd., loan agreement, etc. and decide the issue on merits. Disallowance of other expenses - HELD THAT:- As assessee has submitted that the claim includes vessel handling expenses and the balance pertaining to various expenses such as travelling conveyances, labour charges, secretarial expenses, postage and courier, etc. - HELD THAT:- As the assessee has not filed any detailed supporting evidence for the above claim. Moreover, by considering the quantum of business of the assessee, the AO has allowed relief of 50% of the total claim and disallowed the balance amount in the absence of supporting evidences. The assessee has not filed any detailed statement of expenditure with supporting evidence before the Tribunal. We find no merits in the arguments of the ld. Counsel. 50% of the addition confirmed by the ld. CIT(A) stands sustained. Thus, the ground raised by the assessee stands dismissed.
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