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 1897 - AT - Income TaxAddition on unsecured loans - CIT(A) deleted the addition admitting additional evidence - Held that:- AO had vide order sheet entry dt. 13.12.2010 asked the assessee for details and passed the order of assessment on 24.12.2010. Thus we are of the considered opinion that the First Appellate Authority has rightly admitted the application of the assessee under Rule 46A as in our view the assess was prevented from sufficient cause in filing the evidence before the A.O. during the assessment proceedings. This decision of the First Appellate Authority does not call for any interference. Addition u/s 68 correctly deleted by FAA as the assessee has already discharged the burden that lay on it by proving the identity, credit worthiness and genuineness of the transactions , and as the A.O. could not find any evidence to contradict the claim of the assessee, we uphold the order of the First Appellate Authority and delete this addition.- Decided in favour of assessee. Disallowance of "Processing fee" - CIT(A) deleted the addition - Held that:- First Appellate Authority has given a categorical finding that there was an error committed by the bank. The HDFC bank had wrongly debited processing fee to the account of M/s Research Co. Book Centre, which is a sister concern of the assessee, instead of the assessee’s bank account. This mistake was latter realised and the processing fee in question which was due and paid to HDFC bank by the assessee, was claimed as revenue expenditure. In view of the above evidences the First Appellate Authority correctly deleted the disallowance.- Decided in favour of assessee. Addition u/s 2(22)(e) - CIT(A) deleted the addition - Held that:- First Appellate Authority correctly deleted the addition for the reason that the assessee company’s business, is the same as the business of M/s Arihant Literary Works Pvt.Ltd. and M/s Researchco Book & Periodicals Pvt.Ltd. and that an advance of loan made in the ordinary course of business, does not fall within the purview of S.2(22)(e) of the Act. Further the assessee is not a registered share holder of M/s Arihant Literary Works Pvt.Ltd. or M/s Researchco Book & Periodicals Pvt. Ltd. and that the assessee is also not a benefincial owner of the shares. Under the circumstances, the decision of the First Appellate Authority does not call for any interference - Decided in favour of assessee.
|