New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (12) TMI 495 - ITAT CHENNAI

2015 (12) TMI 495 - ITAT CHENNAI - TMI - Addition on account of non-deduction of TDS - invoking the provisions of sec.40(a)(ia) - Held that:- Admittedly, in this case, the assessee paid audit fee of ₹ 25,000/- without deducting TDS, though the assessee is liable to deduct TDS on this payment. Being so, invoking the provisions of sec.40(a)(ia) of the Act, by the lower authorities are justified - Decided against assessee.

Allowability of depreciation at 15% as against 50% claimed .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cash vouchers are not bearing full address and these are not verifiable. The ld. AR submitted that earlier, gross profit rate and net profit rate was lower than this assessment year. Considering this, we direct the AO to compare the GP and NP of earlier years and if it is so as argued by the ld. AR, the addition to be sustained only to the extent of 5% of cash purchases towards this discrepancies. In other words, the disallowance should be sustained to the extent of 5% of cash purchases. With th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he A.Ys 2005-06 and 2007-08. 2. The first issue raised by the assessee in ITA No.1546/Mds/2015 is that the notice issued u/s.148 is against the provisions of the Act and the assessment order passed by the Assessing Officer is opposed to law, facts and circumstances of the case and the CIT(A) is erred in upholding the same. 3. The ld. AR submitted that the assessee is not interested to press the above ground. Accordingly, the same is dismissed as not pressed. 4. The next ground in ITA No. 1546/Md .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e same, which are not pressed before us and duly endorsed by the ld. AR. Therefore, these are dismissed as not pressed. 5. The next ground in ITA No.1546/Mds/2015 is with regard to disallowance of addition of ₹ 25,000/- on account of nondeduction of TDS by invoking the provisions of sec.40(a)(ia) of the Act. 6. Admittedly, in this case, the assessee paid audit fee of ₹ 25,000/- without deducting TDS, though the assessee is liable to deduct TDS on this payment. Being so, invoking the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e included as bottles made of plastic or glass. As such, the lower authorities are justified in restricting depreciation at 15%. Accordingly, this ground is dismissed. 9. The next common ground in both the appeals is with regard to confirming the addition to the extent of 20% of the cash purchases of old used bottles without considering the other evidence produced and the order of his predecessor. 10. The assessee has made cash purchases to the extent of ₹ 3,40,58,749/- and ₹ 2,56,02 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version