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 1624 - AT - Income TaxDisallowance of brokerage/commission expenses - CIT(A) allowed the claim - Held that:- CIT(A) rightly points out that there is no dispute about the impugned payments having been made to the assessee's agents or services rendered in lieu thereof. It has come on record that the assessee's turnover has increased to almost 300% in the impugned assessment year as compared to that in the preceding assessment year. All other supportive material is already on record. The Revenue fails to point out any evidence in support of its plea seeking to restore the impugned disallowance. We express our agreement with the CIT(A) findings under challenge in these circumstances and reject the Revenue's first substantive ground. - Decided in favour of assessee. Unexplained cash credit - CIT(A) delted the addition - Held that:- The Revenue draws support from the assessment order doubtincreditworthiness of the abovesaid HUFs from whom the impugned deposit of ₹ 1 lac have come in assessee's account. The CIT(A) refers to their assessment records, books of account, interest charged along with TDS deducted and also sufficient capital balance for the purpose of advancing ₹ 60,000/ and 40,000/- to the assessee. The Revenue fails to rebut the said factual findings by referring to the case record available in the file. Thus, we affirm the CIT(A) findings accepting the assessee's plea of genuineness/creditworthiness of the impugned deposits thereby deleting the impugned addition of unexplained cash credits. - Decided in favour of assessee.
|