Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 79 - ITAT HYDERABADAddition u/s 68 - survey u/s 133A was conducted on the business premises of the assessee in which, certain documents were found and impounded - HELD THAT:- Land deal in question was made by the appellant. Mis SMV agencies is also a company in the same group and the entire management is made by the aforementioned two persons. There is no doubt that a substantial amount of on money was paid and these amounts are clearly written in cash in the papers referred to supra. Books of accounts and other documents of Mis SMV agencies are also prepared by the aforementioned persons and their subordinates in the appellant company. Therefore writing or entering the transaction in those books is entirely within the hands of the appellant. The evidence is compelling that the land deal was actually done by the appellant and the on money was also paid by the appellant and only the name of M/s SMV agencies was placed. Therefore addition confirmed - Decided against assessee Addition u/s 40(a)(ia) - Non deduction of TDS - CIT(A) correctly confirmed the addition made by the AO observing that these are long term leases and contracts on which TDS was to be deducted and the assessee agreed to the disallowance during the course of assessment proceedings. Addition on account of deferred market expenses - AO found that the assessee had claimed as business expenses, some amounts which it claimed to have paid to certain employees of its C&F agents. The AO held that these were not business expense - CIT(A) correctly following the decision of the ITAT in assessee’s own case for AY 2003-04, confirmed the addition made by the AO, as the ITAT has confirmed the similar disallowance in AY 2003-04. Disallowance towards PF and ESIC - assessee stated that the entire amounts should not be disallowed because the contributions of employers out of the above amounts are allowable deductions - CIT(A), correctly directed the AO to quantify any contributions of the employers in the aforementioned amounts and the same are to be allowed as deductions as per law.
|