Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 175 - ITAT PUNEDeduction u/s 80P claim denied - Held that:- The assessee had failed to establish its case of being engaged in cottage industries. The finding of CIT(A) is that the assessee had not carried on the activity of manufacture, production or processing, which was the requirement of claiming the said deduction. The assessee during the year under consideration had shown the opening stock of raw material, purchases, sales and finished goods at Nil. So, the claim of assessee that it was engaged in the business of cottage industries was held to be incorrect. The assessee has not controverted the finding of CIT(A) in this regard. Another aspect noted by the CIT(A) from the perusal of Profit & Loss Account was that the assessee was engaged in various PWD related contracts for earning income on account of providing training under various schemes. Accordingly, the order of CIT(A) is upheld in denying the claim of deduction under section 80P(2)(a)(ii) of the Act. In respect of other claims made in the grounds of appeal under section 80P(2)(a)(vi) of the Act, no plea has been raised before the authorities below except for claiming deduction under section 80P(2)(a)(ii) of the Act and hence, the same also is rejected - Decided against assessee Disallowance under section 40A(3) - Held that:- The assessee had failed to give any justification for making cash payments exceeding ₹ 20,000/- before the CIT(A) and hence, the addition was confirmed. Even before the Tribunal, the assessee has failed to establish its claim and hence, the said claim is also rejected.Similarly, the assessee had failed to explain the non-deduction of tax at source out of payments to Shri Govind Chawsaria on account of consultancy charges at ₹ 59,000/- and the same is also confirmed - Decided against assessee Addition made under section 68 - Held that:- The finding of CIT(A) in this regard was that the said amount were received from various persons, who did not have proper identity and creditworthiness, in most of the cases, the amount of each loan was ₹ 20,000/-. Since the assessee had failed to prove the identity, creditworthiness and genuineness of loans amounting to ₹ 3,79,500/- received during the year, the addition of the same was held to be justified by the CIT(A). The assessee has failed to establish any of three ingredients of section 68 of the Act before the Tribunal in the present appeal and hence, the addition is upheld. - Decided against assessee
|