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2014 (5) TMI 108 - AT - Income TaxDisallowance of business promotion schemes – Held that:- payments are made in respect of transactions entered into by assessee in normal course of business - Payments have been made only on account of commercial expediency and matter should be examined from businessman point of view as held by Supreme Court in cases of CIT vs. Malayalam Plantations Ltd. [1964 (4) TMI 9 - SUPREME Court] - Set aside order of CIT(A) and allow expenditure of Rs.22,24,416/- claimed by assessee under head “Business Promotion Schemes” - Decided in favour of Assessee. Addition towards unexplained credits u/s. 68 – Held that:- CIT(A) erred in confirming addition of Rs. 2 lakhs under section 68 when creditor had confirmed advance and amount was transferred from creditor’s bank account to that of Appellant - He ought to have deleted this addition also just like he deleted other two additions made u/s. 68 for a sum of Rs. 6.5 lakh each for valid reasons - Discussed issue in revenue’s appeal as already decided and confirmed Order of CIT(A), this ground of assessee in C.O. is dismissed – Decided partly in favour of Assessee.
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