Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 407 - AT - Income TaxAddition in respect of Administrative & managerial expenses related to non-agricultural activities - CIT(A) deleted the addition - Held that:- As decided in assessee's own case for A.Y. 2007-08 on the similar issues CIT(A) has stated that separate books of accounts were maintained, but the basis of his above finding has not been stated in the order. From the order of the CIT(A), it cannot be ascertained as on verification of which material the CIT(A) has arrived at the above findings. Further, both the parties before us, has brought no material to show either one consolidated books of accounts were maintained or separate books of accounts were maintained for eligible/non-eligible activities. Thus, the CIT(A) has observed that the assessee had derived income from agricultural items sold to members was ₹ 56,88,446 (eligible for deduction u/s 80P and not disputed by AO. There was a loss of ₹ 40,93,683/- on the sale of agricultural & non-agri. items to the Members & Non-members so deduction u/s. 80P does not apply, but the basis of above finding of the CIT(A) is not clear from his order. In the above circumstances, in our considered view, it shall be in the interest of justice to restore the issue back to the file of the Assessing Officer for proper verification and thereafter adjudicating the issue afresh by passing a speaking order. We, therefore, set aside the orders of the lower authorities on this issue and direct the Assessing Officer to re-adjudicate the issue as per law after proper verification and after allowing proper opportunity of hearing to the assessee. - Decided in favour of Revenue for statistical purposes.
|