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2017 (2) TMI 214 - AT - Income TaxUnexplained cash credit addition u/s 68 - Held that:- CIT(A) called for remand report from the Assessing Officer and the Assessing Officer vide letter dated 15.02.13 submitted the remand report after examining the copy of agreement between the assessee and TEMPPL which was taken over by the assessee and he has not disputed the genuineness of the transaction entered into by the assessee. There was no adverse comments by the Assessing Officer regarding these transactions. No infirmity in the order passed by the Ld. CIT(A) in accepting the transactions as genuine. In the remand proceedings also the Assessing Officer has not given any adverse comments on the transaction. The observations of the Ld. CIT(A) were not rebutted. Thus we sustain the order of the Ld. CIT(A) on this issue. - Decided against revenue Disallowance made towards direct expenses - addition u/s.40(a)(ia) - Held that:- in the remand proceedings the Assessing Officer accepted that the assessee has filed the details in respect of the direct expenses of ₹ 53.21 crores and he has objected only to interest on loan of ₹ 39,75,165/- stating that it is an inadmissible amount under section 40(a)(ia) of the Act and the Ld. CIT(A) has restricted the disallowance to this amount. Thus, we do not find any infirmity in the order passed by the Ld. CIT(A) in restricting the disallowance to ₹ 39,75,165/- and deleting the balance disallowance.- Decided against revenue
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