Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 651 - AT - Income TaxDisallowance u/s 40(a)(ia) Held that:- The assessee is only an agent, who would arrange trucks and freight in directly paid by the consignees to the transporter - There is no sub contract while can attract the provisions of Section 194C of the Act - The building is on to pay basis in CIT vs. United Rice Land Ltd. [2008 (5) TMI 142 - PUNJAB AND HARYANA HIGH COURT] the same has been decided - the provisions of Section 194C and 40(a)(ia) are not attracted the order of the CIT(A) is upheld Decided against revenue. Addition u/s 69A - cash payments to M/s. Shekhawati Filling Station Held that:- CIT(A) was rightly of the view that the AO has made the addition purely on the basis of ledger account of the appellant as appearing in the books of account of M/s. Shekhawati Filling station account of purchase of diesel / petrol - there is no such entries in the books of account of the appellant - It is also not a case of the AO that he has obtained copy of some of the bills of purchase of diesel/petrol by the appellant and he has made payments to such bill out of his undisclosed income and the same has not been reflected in the books of account - As per the books of account of the assessee, there is no violation of section 40A(3) of the Act, as payment were by different vehicles to the filling station - All the payments are fully verifiable and all the expenses are held as genuine the order of the CIT(A) is upheld Decided against revenue. Unexplained cash credits u/s 68 Held that:- CIT(A) rightly recorded that there is difference on the dates of withdrawal from the bank account of the appellant and in the cash book of the appellant - The AO treated the entry of cash u/s 68 of the Act as the appellant could not give evidence for the source of such deposits - there is sufficient cash balance before all the dates on which the appellant shown cash deposits - the accountant of the appellant as inadvertently has shown the cash deposits before the date of withdrawal from the bank cannot be ruled out - there is also no evidence that the cash withdrawn from the bank has been expended for some other purposes the order of the CIT(A) is upheld Decided against revenue. Addition u/s 68 - Cash receipts on sale of trucks Held that:- The party from whom the assessee has received ₹ 5 lakhs against sale of the Truck has confirmed the date of payment - The sale of truck is not in dispute - The AO has not brought any evidence on record to prove that the amount received by assessee was utilized same where else the order of the CIT(A) is upheld Decided against revenue.
|