Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 691 - AT - Income TaxAddition u/s. 68 - Held that:- Different figures being claimed as the amount of cash loans, viz. at ₹ 3,55,330/- as per the memo of appeal before the ld. CIT(A); ₹ 4,59,500/- per the statement of cash loans received from 10.08.2008 to 05.01.2009 (adduced now); and at ₹ 3,85,430/-, per the summary of cash-book (adduced now). It has already been explained that the documents being relied upon cannot be said to form part of the record, being not per a paper-book, i.e., containing documents before the authorities below nor certified for being true copies. In fact, all that the assessee, to substantiate its claim, was required to do was to produce the A.O.'s letter dated 20.12.2011 (to him), calling for the explanation for the credits (refer page 2 of the assessment order), as well as the assessee's reply thereto in-as-much as, the difference being substantiate, this would be the first objection that the assessee would have raised in the matter. The A.O. has already confirmed per s. 159 order (supra) the figure adopted in assessment to be in terms of the cash-book produced before him during the assessment proceedings. The assessee's balance-sheet (as on 31.03.2009) (now produced), assuming the same as filed along with the return of income, itself shows the unsecured loans as well as the deposits from the patients to be at ₹ 15.96 lacs and ₹ 5.8 lacs (as on 31.3.2009) respectively. The addition u/s.68 is under the circumstances confirmed; the parameter of section 68 being clearly unsatisfied - Decided in favour of assessee. Disallowance of interest expenditure claimed on proportionate basis - Held that:- The assessee explained that the amounts were already advanced for the purchase of surgical instruments, on which therefore no interest could be charged. The same did not find favour as the contention was not substantiated with any evidence. In further appeal before this tribunal, no improvement in its case could be made by the assessee. The amounts, it is stated, had been advanced in earlier years. In that case, there would definitely be some correspondence for/or follow-up by the assessee seeking reasons for or to expedite the delay in the purchase, which would substantiate its claims and, besides, also reveal the reason for the non-supply of goods. The purpose of advance to Sushila Hospital is also not spelled out. It is only where the advance is shown to be for the purpose of assessee's business or profession, that interest attributable thereto could not be allowed. The assessee's case is wholly unevidenced. - Decided against assessee. Disallowance of consultation fees paid to three doctors - Non-deduction and deposit of tax at source (TDS) - Held that:- The default in the noncompliance of the TDS provision, i.e., in first deducting tax at source then depositing the tax, is admitted. Section 40(a)(i) only introduces a timing effect, so that on the deduction of tax and its deposit, the corresponding amount would stand to be allowed as deduction for that year, i.e., the year of deposit/payment - Decided against assessee. Levy of interest u/s. 234B is mandatory and consequential and, accordingly, there is no merit in the assessee's case.
|