Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 1019 - AT - Income TaxDisallowance of group gratuity insurance premium u/s.40A(9) - Held that:- Tribunal in assessee’s own case for A.Y. 2007-08 and A.Y. 2008-09 decided the issue against the assessee on the ground that no such approval has been received from the CIT till date. In view of the above and following the decision of the Coordinate Bench of the Tribunal in assessee’s own case for the preceding two assessment years, the grounds raised by the assessee on this issue are dismissed. - Decided against assessee. Addition on account of receipt of cash from M/s. Rajendra Trading Company - Held that:- find merit in the submission of the Ld. Counsel for the assessee that when the office of the assessee was simultaneously searched on the very same date and since no iota of evidence was found from the office of the assessee to show that it has received any unaccounted cash, therefore, merely on the basis of statement given by Shri Rajendra S. Raka, which has been retracted subsequently, cannot be the basis of any addition in the hands of the assessee. In this view of the matter, we hold that the CIT(A) was not justified in sustaining the addition made by the Assessing Officer amounting to ₹ 16,83,500/- on account of unaccounted cash received by the assessee from Shri Rajendra S. Raka of M/s. Rajendra Trading Company. - Decided in favour of assessee. Disallowance on account of loss on account of forgery - Held that:- The assessee company is not authorised to carry on the business of hire purchase of vehicles as per Memorandum and Articles of Association. No steps have been taken to revise the Memorandum and Articles of Association following the Board Resolution dated 02-02-2009. The assessee purportedly rented out the cars on 25-02-2009 when the payment had not been made nor the physical ownership transferred to the assessee. No remedial measures have been taken to recover loss of ₹ 36 lakhs which is substantial amount. Not even a Police FIR has been registered by the assessee nor any criminal complaint filed against the suspect. The loss does not pertain to the impugned assessment year as the first instalment of ₹ 14,40,000/- was made through RTGS on 19-03-2009. Accordingly AO was justified in disallowing the loss claimed by the assessee u/s.37(1) as well as 36(1)(vii). The assessee could not controvert any of the observations given by the CIT(A) to substantiate the allowability of the claim. In absence of any valid argument by the Ld. Counsel for the assessee on this issue, we find no infirmity in the order of the CIT(A) upholding the addition made by the Assessing Officer which in the facts and circumstances of the case is legally justified and proper. - Decided against assessee.
|