2022 (11) TMI 878 - AT - Income Tax
Excess claim u/s 35D related to the IPO expenses - AO has restricted the same to 1/5th of the said expenditure as per provisions of section 35D - assessee is said to have raised funds for Primary Securities Market and has submitted that the main object of raising the funds was to meet the working capital requirements and to procure new machinery to reduce the overheads and other costs - HELD THAT:- Addition as excess deduction u/s 35D is justified by the lower authorities and the assessee has failed to substantiate its claim before us. In the result, this ground of appeal filed by the assessee is dismissed.
Disallowance u/s 43B - AO has disallowed the statutory liabilities of Service Tax and Gratuity - AO made disallowance as the assessee has failed to pay the said amount before the due date and the same is reflected in the tax audit report of the assessee in Form 3CD - HELD THAT:- As statutory liabilities were found to be outstanding before filing the return of income and the same was disallowed on the ground that the assessee has failed to furnish the details pertaining to the payment of the impugned amount before the lower authorities. The assessee has stated that it has turn NPA in August 2013 and the same was the reason for not paying the statutory dues. We find no infirmity in the order of the CIT(A) as the assessee has failed to furnish particulars of its claim before us. In the result, this ground of appeal filed by the assessee is dismissed.
Disallowance of interest on late payments of TDS, disallowance u/s 40a(ia) and addition on staff welfare expenses - HELD THAT:- It is pertinent to point out that the assessee has not raised these grounds as additional grounds which were not adjudicated by the learned CIT(A). The assessee has also failed to furnish documents/evidences pertaining to these claims and therefore, we deem it fit to dismiss these grounds of appeal filed by the assessee.