9911796707
TMI Blog2013 (7) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... or assessment year (AY) 2006-07. 2. First issue in this appeal of Revenue is against the order of CIT(A) deleting the addition made by Assessing Officer (AO) on account of non- payment of Employees' contribution towards PF and ESI within the due dates as prescribed under those Acts. For this, Revenue has raised following Ground No.1:- "1. Whether on the facts and the circumstances of the case the Ld. CIT(A) has erred in deleting the addition of Rs.9,12,895/- on account of employees' contribution towards PF and ESI although the payment were made after the due date." 3. We have heard rival contentions and gone through facts and circumstances of the case. We find that Assessing Officer added belated payment of employees' contribution to PF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o Rs.6,06,536/-. For this, Revenue has raised ground No.2:- "2. Whether on the facts and the circumstances of the case the Ld. CIT(A) has erred in considering the additional evidences in respect of profit on sale of assets AMOUNTING TO Rs.6,06,536/- without giving reasonable opportunity to the AO to examine the same." 5. We have heard rival contentions and gone through facts and circumstances of the case. We find that Assessing Officer during the course of assessment proceedings added the profit at Rs.6,06,536/- which comprises to profit on sale of car and profit on sale of temporary site shed. Aggrieved, assessee preferred appeal before CIT(A), who after considering the submissions of assessee and considering Section 50 of the Act, delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation received or accruing as a result of the transfer of any other capital asset falling within the block of the assets during the previous year, exceeds the aggregate of the following amounts, namely:- '(i) expenditure incurred wholly and exclusively in connection with such transfer or transfers; (ii) the written down value of the block of assets at the beginning of the previous year; and (iii) the actual cost of any asset falling within the block of assets acquired during the previous year, such excess shall be deemed to be the capital gains arising from the transfer of short-term capital assets;" Further, we find that both the assets sold by assessee form part of block of assets and were entitled to depreciation under the Act as sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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