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 1604 - AT - Income TaxAddition made on account of undisclosed investment in house property - Held that:- land was allotted to the assessee by ADDA on 23.08.1976 and the construction thereon was carried out by the assessee out of his salary savings, loan from LIC and retirement benefits - thus the sources for investment in land and building stands duly explained - thus the addition is deleted - Decided in favor of assessee. Value of closing stock of fuel - Held that:- the stock statement submitted to the bank did not take into account the evaporation loss and handling loss of fuel - due to this, naturally value of closing stock shown to the bank would always be higher when compared to that in the balance sheet -thus the appeal of revenue is dismissed - Decided in favor of assessee. Disallowance of expenses incurred on advertisement and publicity - Held that:- the expenses incurred and giving of various gifts to customers have not been proved by the assessee with supporting documents - In petrol pump business, there is no necessity of incurrence of this expenditure - thus expenses are disallowed - Decided against the assessee.
|