Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 427 - AT - Income TaxDisallowance of bad debt written off - Held that:- All the necessary details were filed by assessee before Ld. CIT(A) showing the amount of bad debt and corresponding sales. This fact is evident from the observation of Ld. CIT(A) which was rejected on the ground that it is a general reply but no specific defect was pointed out by Ld. CIT(A). On perusal of the details filed in paper book on pages 1 to 8 we note that the details of bad debts & corresponding income were available with the AO during assessment proceedings. DR has also not brought anything on record contrary to the arguments advanced by the ld. AR for the assessee. Therefore, we hold that all the necessary details with regard to bad debt and its corresponding income was duly shown by assessee before Ld. CIT(A) Disallowance against the Short Term Capital Gains (STCG) - Held that:- Assessee is entitled to claim the deduction for the expenditure incurred wholly and exclusively in connection with the transfer of capital assets but on perusal of the above expense we note that these expenses were incurred by assessee in relation to its activity of carrying on investment. The provision of Sec. 48 of the Act requires that the deduction will be available for those expenses incurred wholly and exclusively in connection with the transfer of capital assets. Above expenses had not incurred wholly and exclusively in connection with transfer as capital asset. No reason to interfere in the order of CIT(A). This ground of assessee is dismissed. Not giving direction to AO for adjusting the STCG - whether the assessee can make a fresh claim during the assessment proceedings which was not claimed in the return of income? - Held that:- The law is fairly settled by the judgment in the case of Goetze (India) Ltd. [2006 (3) TMI 75 - SUPREME Court] has prohibited the Assessing Officer to entertain any claim / deduction of the assessee otherwise than claimed in the return / revised return. This restriction was not imposed by Hon'ble Supreme Court in the case of appellant authority. It can be concluded that the appellant authority are very much entitled to admit the fresh claim of the assessee which was not made in the income tax return. We direct the AO to adjudicate the issue raised by the assessee during the assessment proceedings. Thus the ground of appeal of the assessee is allowed for statistical purposes.
|