Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 936 - AT - Income TaxDisallowance of expenditure on purchase of shares and Keyman Insurance - AO repeated the disallowance in original assessment u/s 143(3) in the assessment completed u/s 153A/143(3) - HELD THAT:- Aspect of colourable device adopted by the assessee to claim the expenditure on purchase of shares was not looked into by the Tribunal in its order [2016 (9) TMI 592 - ITAT KOLKATA]. We note from the assessment order passed by the AO u/s 153A/143(3) that both these additions were repeated by the AO just to maintain judicial consistency and there was no incriminating material found during the course of search to support and substantiate the same. We, therefore, find no infirmity in the impugned order of the CIT(Appeals) deleting both the additions made by the AO on account of disallowance of expenditure on purchase of shares and Keyman Insurance and upholding the same, we dismiss this appeal filed by the Revenue and allow the Cross Objection filed by the assessee.
|