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2015 (10) TMI 6 - AT - Income TaxDisallowance u/s. 54F - CIT(A) deleted the addition admitting additional evidence - Held that:- We find that Ld. D.R. has force in his contention that Ld. CIT(A) has not provided sufficient opportunity to thoroughly examine the additional evidences, which is arbitrary in the eyes of law. In our considered opinion, in the interest of natural justice, this issue requires thorough investigation at the level of the Assessing Officer. Hence, we remit the ground relating to addition made by the AO in regard to the disallowance u/s. 54F of the I.T. Act with the directions to consider the same, after giving adequate opportunity of being heard. - Decided in favour of revenue for statistical purposes. Addition on account of the business loss pertaining to the amount recovered by the police from the alleged culprits - CIT(A) deleted the addition - Held that:- It is established that the loss occurred in fraud was directly connected with business operation and incidental to carrying on of business. Hence, entire amount of business loss has to be allowed as a deduction. Therefore, we find Ld. CIT(A) has rightly deleted the addition which does not need any interference on our part, hence, we uphold the same. - Decided against revenue.
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