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2022 (10) TMI 837 - AT - Income TaxInterest income declared by the assessee is less than the amount of interest shown as per 26AS statement - Income which is claimed to be belong to sister concern - HELD THAT:- We find the ld.CIT(A) sustained the addition in absence of any satisfactory explanation given by the assessee. It is the submission of the ld.counsel for the assessee that the amount of interest received from Canara bank belongs to the sister concern of the assessee whose name is somewhat similar with that of the assessee and the assessee does not have any bank account with the Canara bank. It is also his submission that given an opportunity, assessee is in a position to substantiate with evidence to the satisfaction of the AO that such interest income which belongs to the sister concern of the assessee has in fact been offered by them to taxation. We deem it proper to restore this issue to the file of the AO with a direction go grant an opportunity to the assessee to substantiate its case and decide the issue as per fact and law. The first issue raised by the assessee in grounds of appeal is accordingly allowed for statistical purpose. Expenditure incurred towards land development - HELD THAT:- Although the assessee has claimed such land development expenditure for the AY 2014-15, no such disallowance has been made in the order passed/s. 143(3)/153A. Similarly for AY 2015-16, although the assessee has claimed such expenses however, the AO in the order passed u/s. 143(3) r.w.s 153A has not made any disallowance. Considering the totality of the facts of the case and following the decision of the Tribunal in assessees own case for AY 2013-14 [2020 (7) TMI 40 - ITAT HYDERABAD] we direct the AO to restrict such disallowance to 10% of the expenses claimed. The grounds raised by the assessee on this issue is accordingly partly allowed.
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