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2015 (10) TMI 753 - BOMBAY HIGH COURT

2015 (10) TMI 753 - BOMBAY HIGH COURT - TMI - Payment out of undisclosed sources - Tribunal upholding the decision of the CIT(A) in deleting the addition of ₹ 4 lakhs made by the AO - Held that:- CIT(A) and the Tribunal by their orders have rendered finding of fact to the effect that the sum of ₹ 4 lakh mentioned in the impounded document had in fact been canceled along with the narration. Thus no cognizance of the same was taken as two authorities under the Act. This was on the basi .....

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he circumstances of the case and in law, the Tribunal was correct in upholding the decision of the CIT(A) who allowed a prorata deduction u/s 80IB(10) of the Act ignoring the fact that the said section does not allow a prorata deduction u/s. 80IB(10) of the Act? - Appeal admitted on Question No.1. - Income Tax Appeal No. 1787 of 2013 - Dated:- 28-9-2015 - M S Sanklecha And G S Kulkarni, JJ. For the Petitioner : Mr. Arvind Pinto, Adv For the Respondent : Mr. S.C. Tiwari a/w Rutuja Pawar, Adv ORDE .....

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the CIT(A) who allowed a prorata deduction u/s 80IB(10) of the Act ignoring the fact that the said section does not allow a prorata deduction u/s. 80IB(10) of the Act? 2) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the decision of the CIT(A) in deleting the addition of ₹ 4 lakhs made by the AO?" Regarding Question No.2:3. 3. During the course of assessment, the Assessing Officer relied upon an entry of ₹ 4 lakhs p .....

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9;CIT(A)') after examination of the impounded document relied upon by the Assessing Officer to add to amount of ₹ 4 lakhs to the income of the respondentassessee, noted that both the figures of ₹ 4 lakhs and the narration had been canceled by drawing the line along the entire description. The narration which was canceled was "+ JV const diff amount to be paid directly in cash". The CIT(A) thus concluded that as the entire figure of narration being canceled, no cognizanc .....

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