Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1295 - AT - Income TaxAddition on account of VAT refund income not shown in return of income - HELD THAT:- With the assistance of ld. representatives, we have gone through the material on record and it is noticed that assessee company has credited the Vat refund of ₹ 79,78,941/- to the Vat payable account (F.Y. 2013-14) instead of adjusting the same against the duties and taxes (F.Y. 2013-14 Account) outstanding balance of ₹ 2,86,63,940/-. After adjusting the Vat refund received of ₹ 79,78,941/- credited outstanding balance in the receivable account shall be ₹ 20,68,999/-. Considering the forgoing facts, the addition is deleted and the appeal of the assessee is allowed on this issue. Disallowance of various expenses - HELD THAT:- It is noticed that during the course of assessment and appellate proceedings, the assessee has failed to produce the supporting bill and voucher in support of its claim of incurring various expenses as cited above. Under these circumstances, we observed that ld. CIT(A) is justified in sustaining disallowance of all the expenditure except foreign travelling expenses for want of proper verification on account of not furnishing the bill and voucher by the assessee. In the case of foreign travelling expenses, the assessing officer has disallowed expenses of ₹ 50,000/- out of 1,42,000/- and this disallowance is 30% of the total expenses. We observed that it will be reasonable to restrict the disallowance out of foreign travelling expenditure to the extent of 20% of such expenses which comes to 28,400/- as against ₹ 50,000/- disallowed by the assessing officer. Accordingly, this ground of appeal of the assessee is partly allowed.
|