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2013 (2) TMI 528 - ITAT HYDERABADAddition on account of net profit - assessing officer made an addition towards net profit on the ground that there was lower rate of net profit compared to the preceding year – Held that:- This addition is made on ad hoc basis – AO was directed to complete the assessment after examining the books of accounts of the assessee and the disallowance if any to be made, that is to be specific and not on ad hoc basis. Disallowance of depreciation in computers on the addition - In the interest of justice, AO was directed to give an opportunity to the assessee to prove its case by producing valid bills and usage of said computers in its business – AO was directed to verify all purchase bills and using of computers in assessee’s business and decide the issue in accordance with law. Addition of Rs.221.10 crores being fixed deposits made by the assessee - According to the assessee 237.04 crores received from M/s. Cargill International Trading Pvt. Limited, Singapore through State Bank of India, Overseas Branch and he has not been given proper opportunity to explain the same – Held that:- Request of the assessee was acceded remitted this issue back to the file of the assessing officer for fresh consideration to decide the same in accordance with law after affording an opportunity of being heard to the assessee. Addition on account of share capital - There was an addition of Rs.1,04,70,000/- towards share Capital - share capital said to have been received from some parties –Held that:- Issue was set aside to the file of AO with a direction to to the assessee prove the identity, creditworthiness and genuineness of the transaction by filing necessary information from the investors to the satisfaction of the assessing officer. Enhancement of the amount - on account of difference between the receipt of funds from Cargill, Singapore and the deposits made in the SBI , Overseas Branch - Since this issue has been set aside in related issue raised in this appeal to the file of the assessing officer for fresh consideration in accordance with law, this issue also should go back to the file of the assessing officer for fresh consideration in accordance with law - appeal filed by the assessee is treated as allowed for statistical purposes.
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