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2018 (6) TMI 353 - AT - Income TaxAddition u/s 68 - assessee failure to discharge of onus - Held that:- Assessee filed all the evidences before the CIT(A) such as confirmations, PANs and bank statements etc. The ld CIT(A) has recorded a finding in the appellate order that these loans were subsequently repaid during the financial years 2014-15 and 2015-16. - Decided against revenue Disallowance on account of business expenses - assessee was not having any income during the year and even the business of assessee was closed in the subsequent years - Held that:- Perusal of the P & L Account reveals that the assessee has received only interest income on refund to the tune of ₹ 22,76,433/- whereas incurred several expenses such as cost of material, huge employment cost and also depreciation which appeared to be not necessarily incurred in order to keep the assessee company alive. In our opinion when there is no activity how the stock can be consumed to the tune of ₹ 22,76,433/-. Similarly, depreciation amount of ₹ 1,77,167/- were claimed. The assessee has not filed any details before the AO but even then the Ld. CIT(A) allowed the appeal by passing a cryptic order. In our opinion, the issue needs to be examined - restore the matter to the file of AO to examine the issue afresh
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