Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 898 - AT - Income TaxUndeclared income - CIT(A) directing AO to give credit of admitted undeclared income of ₹ 3,41,90,000/-(3,05,00,000/- + 36,90,000/-) shown in the return of income filed when the assessing officer has given due credit for the same while computing the taxable income of the assessee in the assessment order - Held that:- Additional income of ₹ 3,05,00,000/- was accepted by the department and while computing the total income the AO has taken the same into account. Accordingly, we do not find any justification on the part of the CIT(A) for deleting the addition of ₹ 3,05,00,000/- on the plea that same was double addition. Similarly, a sum of ₹ 36,90,000/- was directed by the CIT(A) to be deleted on the plea that it was double addition. However, there is no such double addition. Accordingly, we set aside the order of CIT(A) insofar as he has deleted the addition of ₹ 3,05,00,000/- and ₹ 36,90,000/-. - Decided in favour of revenue. Unexplained expenditure - CIT(A)deleted addition made u/s 69C - CIT(A) held that provisions of section 40A(3) cannot be applied to expenses as provisions of section 40A(3) are not applicable to block proceedings - Held that:- AO has himself noted that "as per the MOU, the amount of ₹ 5,94,96,000 was to be paid to the respective members of the Society (i.e., Jai Ganesh Society) at the time final selling of the plot to another party or on or before 31.01.2008 whichever is earlier. Accordingly the cash payment made to the CHS was made directly by ICONIC REALTORS but on behalf of M/s Pathik Constructions so that the transaction can be completed expeditiously. Hence, taxing M/s Pathik Construction on this account does not arise as no payment has been made by the assessee firm in cash. Therefore, provisions of section 69C or 40A(3) are not applicable in the assessee firm’s case. Accordingly, we do not find any infirmity in the order of CIT(A) deleting the addition - Decided in favour of assessee. Deemed dividend u/s.2(22)(e) - whether advances received by the assessee from MIs Kalpana Struct Con Private Limited are commercial transactions - Held that:- CIT(A) has held that there is no question of attracting the provisions of section 2(22)(e). The findings of CIT(A) had not been controverted by ld. DR by bringing any positive material on record. We, therefore, see no reason to interfere in the decision of CIT(A) for the A.Y.2008-09 and 2009-2010 for deleting addition made u/s.2(22)(e) of the Act. - Decided in favour of assessee.
|