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2023 (6) TMI 281 - ITAT RAJKOTMisc. income earned - estimation of 10% of the total Misc. receipts as normal business income and not as shipping income u/s. 115 VI - HELD THAT:- There is no material available on record to hold that the misc. income earned by the assessee is also from the core activity of the shipping business. The misc. receipts generated on the activities carried out by the assessee on shore repairs of tugs with the help of qualifying ships, transport of bunkers, charter, etc. were not dredging activities which form the core activity of the assessee company as well as these activities could not be taken us incidental activity as prescribed in Rule 11 R of the Income Tax Rules. No other option than to confirm the order passed by the Ld. CIT(A) who has fairly estimated 10% of the misc. receipts as taxable income of the assessee. Thus the findings arrived by the Ld. CIT(A) does not require any interference and the ground raised by the Assessee is hereby rejected. Unexplained cash credit u/s. 68 - HELD THAT: Here also the assessee has not provided any documentary evidence that the loan creditor is a NRI and the bank details of the NRI and repayment details by the assessee. Thus the assessee failed to prove the identity of the creditor itself, we have no hesitation in confirming the addition made by the CIT(A). The ground raised by the Assessee is devoid of merit and the same is dismissed.
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