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2016 (3) TMI 1475 - AT - Income TaxAddition u/s 68 - unsecured loans raised by the assessee - loan which was received prior to the start of the previous year - CIT(A) deleted addition - HELD THAT:- A categorical finding has been given by CIT(A) that there is no cash credit received during the present year and all the loans were received prior to 01/04/2008. This finding of CIT(A) could not be controverted by Learned D. R. of the Revenue. Hence, we find no reason to interfere in the order of CIT(A) because no addition can be made u/s 68 of the Act in respect of any loan which was received prior to the start of the previous year relevant to present assessment year. Accordingly, this ground is rejected. Addition u/s 41(1) - Addition of amount appearing in the books of accounts of the assessee against sundry creditors since the assessee could not substantiate these credits - CIT(A) deleted addition - HELD THAT:- It cannot be said that there is any liability which has ceased to exist, thus we find no reason to interfere in the order of learned CIT(A) and accordingly reject ground No. 2 of the Revenue. Disallowance of expenses - expenses not wholly necessarily and exclusively related to own business - CIT(A) deleted addition - HELD THAT:- CIT(A) has examined each and every item of expense in detail and the disallowance was deleted by him on the basis of his categorical finding that all the expenses are fully, necessarily and exclusively related to assessee’s business and the same are allowable expenses except small portion which is already disallowed by him and these findings of CIT(A) could not be controverted by Learned D. R. of the Revenue. Hence, we find no reason to interfere in the order of CIT(A). Appeal of the Revenue stands dismissed.
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