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2012 (8) TMI 183 - AT - Income TaxAddition u/s 68 of the Act - unexplained cash credits – Held that:- Assessee did not care to submit even confirmations of the sixteen creditors before the AO and there is no material on record, establishing creditworthiness of these creditors or genuineness of transactions nor the ld. CIT(A) recorded any findings on these aspects - CIT(A) suffers from lack of reasoning and is not a speaking order – matter remanded to CIT Disallowance u/s 40A(2)(a) of the Act – according to AO interest paid @ 15% paid excessive and unreasonable – Held that:- There is nothing to suggest that the AO ever brought any material on record on this aspect before concluding that interest @ 15% was excessive or unreasonable nor even cited any comparable instances in respect of the fair market value of the interest on unsecured loans. In view the foregoing, especially when there is no material on record to hold that payment of interest @ 15% pa to unsecured creditors was excessive – disallowance deleted Disallowance of depreciation on computer accessories like printer & scanner – Held that:- Printer and Scanners are integral part of the computer and therefore claimed depreciation @ 60% - depreciation on Printers and Scanners is allowable @ 60% - In favor of assessee
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