Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 706 - AT - Income TaxAddition of advances - CIT-A deleted the addition - Whether Asessee provided all relevant evidences that the amount in question was not received during the year under consideration? - HELD THAT:- We find that the CIT(Appeals) in deleting the addition has given a finding of fact that the amount was received by the assessee in F.Y. 2008-09. Accordingly, considering the fact that since the advances were not received in the year under consideration, the learned CIT(Appeals) deleted the addition - This finding of fact is not rebutted by the Revenue. Therefore, we do not find any reason to interfere with the finding of the learned CIT(Appeals), same is hereby affirmed. Ground no. 1 is rejected. Disallowance of proportionate interest on loans and advances on which the assessee had not charged any interest - Whether assessee was having sufficient interest free funds available with him - CIT-A deleted addition - HELD THAT:- We find that the learned CIT(Appeals) has given a finding of fact that the advances were given out of interest free funds. CIT(Appeals) in the impugned order has stated t4hat the assessee was having non-interest bearing funds - This fact is not rebutted by the Revenue. We find no infirmity in the action of the learned CIT(Appeals), which is hereby affirmed. Ground of appeal is rejected. Addition on account of personal use of car and 10% disallowance of depreciation on car - HELD THAT:- There is no dispute with regard to the fact that the disallowance was made purely on ad hoc basis without pointing out as to what expenditure was not supported with evidence. Therefore, we do not see any reason to interfere with the finding of the learned CIT(Appeals) on this issue, the same is hereby affirmed. Ground raised by the Revenue is rejected. Addition of unproved alleged unsecured loans - HELD THAT:- CIT(Appeals) has categorically stated that the advances were made out of the maturity of the FDRs of the concerned persons and the evidences are duly enclosed in the paper book filed by the assessee. Therefore, we do not see any infirmity in the order of the learned CIT(Appeals) on the issue in question. Moreover, the AO has not brought any contrary material to rebut the finding of learned CIT(Appeals). Thus, ground of Revenue lacks on merit, same is rejected.
|