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2019 (7) TMI 737 - ITAT KOLKATAAd hoc disallowance of site expense - HELD THAT:- CIT(A) has restricted full disallowance to 50% for Bokaro site and labour expense without any drawing comparison or with similar head(s) of expenditure in earlier or succeeding assessment year as well as not pin-pointing any specific defect in the relevant details. We therefore deem it appropriate in larger interest of justice keeping in mind the fact that assessee has also not able to prove each and every details of the impugned claim to restrict this disallowance in issue of a lump sum amount of ₹50,000/- with a rider that shall not be treated as a precedent in any other assessment year. The second substantive ground is treated as partly allowed in above terms. Addition u/s 68 of share capital account in the nature of contribution made by the assessee’s managing director - HELD THAT:- Assessee had incurred received the amount in issue from its director by way of two cheques involving sums of ₹30 lac and ₹2.05 lac which stood controverted into share capital. It also produced the said director alongwith this copy of account, balance-sheet income-tax return. There is further no quarrel that they are assessed in the same jurisdiction. The assessment order dated 23.03.2015 in this regard indicates that AO nowhere dealt with all these details before terming the amount in issue to be non-genuine levying to sec. 68 addition. We therefore take into consideration all these peculiar facts to hold that the assessee has duly proved identity, genuineness and creditworthiness of the impugned share capital to have come from its director / managing director. The same is ordered to be deleted.
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