Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 980 - AT - Income TaxAddition u/s 41(1) - HELD THAT:- The contention of the assessee merits consideration that the provisions under section 41 (1) of the Act are not applicable to the facts of the case. This view is fortified by the decision of the Hon’ble jurisdictional High Court in the case of Shri Vardhaman Overseas [2011 (12) TMI 77 - DELHI HIGH COURT] - In the circumstances, we are of the considered opinion that the Ld. CIT(A) rightly applied the law to the facts of the case and reached an unassailable conclusion. We accordingly hold that the findings of the Ld. CIT(A) do not suffer any illegality or irregularity and they cannot be disturbed. Consequently grounds of appeal of Revenue are found devoid of merits and are liable to be dismissed. In view of our findings in the appeal of the Revenue, the cross objections become infructuous and are also liable to be dismissed.
|