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2022 (2) TMI 473 - AT - Income TaxAddition u/s 68 - unexplained share application money received - HELD THAT:- CIT(A) has rightly deleted the addition for unexplained share application money in light of the relevant fact and material which remains uncontroverted by the Ld. DR. We, thus confirm the finding of Ld. CIT(A) deleting addition made by the ld. AO u/s 68 of the Act. Ground No.1 raised by the revenue stands dismiss. TDS u/s 40(a)(ia) - non-deduction of tax at source on expenditure towards commission and discount - HELD THAT:- In this figure commission and brokerage on sales was ₹ 26,18,864/- and discount on sales was ₹ 25,99,994/-. We also find that assessee has filed complete details of discount and sales with name and address and has been consistently giving such type of discount on sales is the regular course of business. There is no dispute with regard to the claim of commission of ₹ 26,18,864/-. Under these given facts and circumstances, we find that the addition made by the ld. AO at ₹ 19,70,098/- was merely on surmises and conjectures and was not supported by any material fact or evidence. Thus, there seems no reason to interfere in the finding of Ld. CIT(A) deleted the addition u/s 40(a)(ia) of the Act. Accordingly, ground raised by the revenue stands dismissed. Disallowance of legal and professional expenses - HELD THAT:- We find that the legal and professional charges have been claimed which have increased during the year as compared to the preceding year. The amount in dispute which has been given to six professional. All the details of the professional services provided by these six professional have been filed before us. Tax has been deducted at source on prevailing rates of TDS. The alleged amount received by six professional have been offered to tax in their respective return of income. Under these facts and circumstances of the case there remains no reason to question the genuineness of the expenditure claimed by the assessee and ld. CIT(A) has rightly appreciated the fact of this issue and deleted the disallowance correctly. - Decided in favour of assessee.
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