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2023 (9) TMI 1217 - AT - Income TaxAssessment u/s 153A - AO disallowed 50% of the operational expenses as well as depreciation on aircraft and air strip - Whether any incriminating material found during the search? - HELD THAT:- Since in the case on hand, the AO has not referred to any incriminating material found during the search while making the impugned disallowance, respectfully following Abhisar Buildwell (P) Ltd [2023 (4) TMI 1056 - SUPREME COURT] we hold that no addition can be made in the absence of any incriminating materials. Further we make it clear that during the remand proceedings & rejoinder the assessee itself/suo-moto accepted that the for inadequate of documentation company used the aircraft for personal use to the extent of 15% and 85% was used for the business purpose. Since it is agreed addition to the extent of 15% of the aircraft expenses by the assessee itself, therefore, we direct the AO to calculate the addition in above terms and rest addition should be deleted.
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