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2012 (12) TMI 199 - AT - Income TaxAddition on account of cancellation charges realized from clients default in payments of installments – Held that:- Assessee has filed conformation from all the buyers whose booking were cancelled during the year under consideration. All these buyers have confirmed the receipt of the entire booking amount through account payee cheques without deducting any cancellation charges - Since the assessee has discharged its onus by filing their confirmations from the buyers in respect of the amount received after cancellation without charging any cancellation charges, therefore - addition deleted Addition on account of interest on account of delayed payments – alleged that assessee group is having the practice of charging interest payments on delayed payments of ground rent and installments - addition was made on the basis of statement of Jaideep recorded by Investigation Wing on 3.08.2007 wherein he has admitted to have paid interest of Rs.6,500/- in cash to the assessee – Held that:- Statement recorded before the Investigation Wing does not corroborate with the seized material where the interest payment shown as Rs.49,783/- whereas Jaideep only admitted Rs.6,500/- as interest - no opportunity was provided to cross examine – matter remanded to Assessing Officer - appeal is allowed for statistical purposes
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