Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (4) TMI 620 - AT - Income TaxAddition u/s 68 - Held that:- There is no dispute about the fact that the assessee received the sum of ₹ 4,00,000/- from Shri N I Vyas through banking channel. In support of his claim, bank passbook of the depositor along with PAN Card and letter of confirmation from Shri Vyas are already on record. Thus, the identity and creditworthiness of the depositor is established. We further find that the sum has already been repaid by the assessee to Mr. Vyas through the banking channel in instalments in support of which necessary evidence is also on record. Therefore, the genuineness of the transaction is also established. In the light of these undisputed facts of this case, the addition made by the AO and sustained by the learned CIT(A) is hereby deleted Disallowance of Telephone, Mobile, Petrol, Motor Vehicle expenses and Depreciation expenses - CIT(A) restricted the disallowance to 10% - Held that:- We feel that even 10% disallowance is on higher side keeping in view the fact that the assessee is a small retailer engaged in the business of distribution of cordless phones, etc. and, therefore, we deem it proper that the disallowance should be reduced to 5% of the total expenses Addition pertaining to Sales Promotion, Staff Welfare and Repair Charges - Held that:- Keeping in view the fact that the assessee has incurred a small amount of ₹ 24,142/- under the head ‘Sales Promotion, Staff Welfare and Repair Charges’, and most of the expenses relates to repair charges – ₹ 16,000/- in respect of which, it is not possible always to maintain all the vouchers, the ad-hoc addition made is deleted.
|