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2014 (11) TMI 646 - AT - Income TaxDisallowance of loss Losses incurred evidences for suppression of profit present or not - Held that:- AO has noted that assessee was asked to justify the claim of loss, which assessee had failed to do - assessee did not produce the books of accounts for examination by AO - even before CIT(A) no material has been placed on record by the assessee to substantiate its claim of loss - It is a fact that in the absence of details the entire gross profit has been disallowed by AO is unjustified thus, the matter is remitted back to the AO for verification Decided in favour of assessee. Addition u/s 68 Assessee furnished full details of loans Held that:- CIT(A) rightly found that even the audit report of the assessee does not given any details regarding the amount borrowed the Column regarding amount of loan/deposit taken/accepted the words "Our Account" are mentioned but there is no mention about the amount accepted apparent that this is only a paper report, otherwise, the figure should have been mentioned - auditor has not at all verified this fact in the circumstances merely on the basis of tax audit report it cannot be accepted that deposits are genuine the order of the CIT(A) is upheld Decided against assessee. Claim of revenue expenses disallowed Held that:- Assessee has not produced any material before A.O. or CIT(A) in support of his claim assessee submitted that it had already made the disallowance - Since the submission has not been examined by AO, this factual aspect needs re-examination thus, the matter is remitted back to the AO for ascertaining the factual position Decided in favour of assessee. Claim of claims, rebate & reversal of claim disallowed Claim of writing off disallowed Held that:- AO while disallowing the claim has noted that assessee has failed to submit any details or justification about expenditure - CIT(A) has also noted that no details were submitted and whether amounts were ever offered as income or not since the submission related to the precedence was not made before lower authorities by the assessee, the issue needs re-examination thus, the matter is remitted back to the AO Decided in favour of assessee. Disallowance out of interest expenses Held that:- Assessee contended that the investments were made out of interest free funds and not borrowed funds - CIT(A) has given finding that assessee does not have any surplus funds - In view of the contrary facts, the factual position needs to be re-examined the matter is remitted back to the AO for verification Decided in favour of assessee. Disallowance on hire charges Held that:- the AO held the transaction entered by the Assessee with Blue Bell Finance Co. Ltd. to be non genuine the matter is remitted back to the AO for consideration Decided in favour of assessee.
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