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2022 (6) TMI 1323 - ITAT MUMBAIUnexplained expenditure - difference in narration in the bank account - details of which were found in the Cash Transaction Record maintained in an excel sheet by Shri Ashok Sharma, which was found and seized during the search in the case of the Indiabulls Group - HELD THAT:- We find that there are identical expenditure which are held to be unexplained expenditure for seven years which has been deleted by CIT (A). As also the claim of the assessee that the transactions have already been offered as income before the settlement commission. CIT (A) deleted this addition for the reason that the amount has already been considered in income of the assessee and other entities before the settlement commission. In view of this, we do not find any infirmity in the order of the learned CIT (A) in deleting the addition. Merely because the order of the settlement commission has been challenged before the Hon'ble High Court, unless that order is reversed, we do not find any infirmity in the order of the learned CIT (A). Accordingly, ground no. 1 to 3 of the appeal is dismissed. Allowability of deduction of education cess - HELD THAT:- We find that in view of amendment by introduction of explanation 3 inserted by Finance Act, 2022 with retrospective effect from 1st April, 2005, assessee is not entitled for deduction of education cess. Accordingly, grounds of the appeal is allowed.
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