Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 863 - AT - Income TaxDeemed dividend u/s. 2(22)(e) - share application money received as deemed dividend in the hands of the assessee - HELD THAT:- We have carefully pursued the assessment order as well as the order of the ld. CIT(A) and find that the ld. CIT(A) has taken into consideration the entirety of the facts and circumstances of the case and has, thereafter, recorded the findings stating that the real nature of the share application money is interest free loan and advance parked in the books of the assessee company and the same is clearly covered u/s. 56 r.w.s. 2(22)(e) - we do not see any infirmity in the findings of the ld. CIT(A), which are hereby confirmed and the grounds of appeal taken by the assessee is dismissed. Disallowance of depreciation on sewing machine - HELD THAT:- It is apparent that the AR of the assessee company has miserably failed to rebut the findings of the AO. These assets have been received at the last day of the financial year. The assessee cannot take undue advantage of the plea that once the assets are merged into the block of assets it loses its identity and the question of actual use of a particular asset in the year should not be relevant for allowing depreciation in respect of the same. Here the AO has given specific findings on the basis of bills produced by the assessee. No positive evidence has been brought on record by the AR of the assessee during assessment or appellate proceedings to rebut AO's findings. Ground No. 3 of the assessee's appeal is hereby dismissed.
|