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2023 (11) TMI 26 - ITAT CHANDIGARHAddition u/s 68 - assessee company, during the year under consideration, unsecured loan had been taken by the company from The Director of the company - HELD THAT:- CIT(A), while confirming the addition, has observed that the assessee did not furnish copies of ITR of Director of the company from whom loan is taken and that no explanation regarding the source of credits in his bank account was furnished. We find that the ITR in the case of director was filed on 30.03.2023, i.e., after the passing of the order of the ld. CIT(A), on 18.01.2023, in the case of the assessee. In pursuance of the ITR, assessment order in the case of director stands independently passed on 30.05.2023, where the ITR was filed on 30.03.2023. The amount stands assessed in the hands of Director of the assessee company. Therefore, there is no occasion for assessing the same in the hands of the assessee as this would amount to double taxation, which is impermissible in law.mAccordingly, the addition in the hands of the assessee is deleted. Addition u/s 37 - disallowance of claimed Employee Benefit Expenses, other expenses and Finance Cost - HELD THAT:- We find the grievance of the assessee to be justified despite the fact that the assessee did not carry out any business activity during the year, the fact remains that the was in existence during the year. It is also undisputed that the expenditure in question was incurred as normal expenditure during the year. That the salary of the Accountant and Peon had to be paid. The running and maintenance expenses, audit fees and ROC fees were also a necessary concomitant. Thus, the Employee Benefit Expenses and other expenses are allowed and the addition in this regard is deleted. However, no details of finance cost having been furnished, the addition to this extent, as confirmed by the ld. CIT(A), is upheld.
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