Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 876 - AT - Income TaxAddition on account of disallowance of expenses – Held that:- All the facts and figures appearing in the financial statements clearly show that the amount expenses of Rs. 8,17,7462/- were claimed by the assessee as regular business expenses incurred during the post survey period against regular business income which resulted in reduction of its regular business income which was estimated at Rs.1,42,00,000/- as on 15.03.2007 for advance tax purpose to that extent - the AO and the CIT(A) misconceived the claim of the assessee for the said expenses as that of against the additional income of Rs.15,00,000/- declared during the course of survey and made disallowance of the said expenses on the basis of this misconception without considering or examining the said claim on merit being the claim for regular business expenses of post survey period against regular business income – order set aside and the matter remitted back to the AO for fresh adjudication with a direction to consider and allow the claim of the assessee for the expenses as regular business expenses – Decided in favour of Assessee. Set off of brought forward business loss and unabsorbed depreciation – Application made u/s 154 of the Act – Held that:- The claim of the assessee for set off of brought forward loss and unabsorbed depreciation was not considered at all by the AO while framing the assessment - Since the AO has still not disposed of the application despite the specific direction given by the ld. CIT(A) – Thus, the AO is directed to dispose of the application filed by the assessee u/s 154 – Decided in favour of Assessee.
|