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

2017 (7) TMI 495 - ITAT MUMBAI

2017 (7) TMI 495 - ITAT MUMBAI - TMI - Unexplained expenditure u/s 69C - Held that:- From the order of the lower authorities it is not clear as to whether AO has called for the concerned persons to whom interest was alleged to be paid and from whom loan was alleged to be received by the assessee. Merely on the basis of paper seized, the AO came to the conclusion that assessee had paid the interest without recording the same in its regular books of accounts. In view of the above discussion, we se .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

en paid and the loan actually having been received. Appeal of the assessee is allowed in part for statistical purposes. - ITA No. 7809/Mum/2011 - Dated:- 9-6-2017 - Shri R. C. Sharma, AM And Shri Ravish Sood, JM Assessee by : Shri Kiran Mehta Revenue by :Shri Saurabh Deshpande ORDER Per R. C. Sharma ( A. M ) This is an appeal filed by the assessee against the order of CIT(A)-19, Mumbai dated 20/09/2011 in the matter of order passed u/s. 143(3) of the IT Act. 2. Following grounds have been taken .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

preciate that loans from these parties were taken by the M/s Charkop Shantidoot Co-op Housing Society and therefore the payment of interest and its explanation ought to have been considered in the case of the society and not in the case of the appellant. 3. The only substantive issue involved in this appeal is an addition of ₹ 572,930 made u/s 69C. 4. Rival contentions have been heard and record perused. Facts in brief are that there was a survey on the business premises of the assessee. B .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

learned AR was that before the lower authorities the Assessee had submitted that the papers seized from him only represented interest working. The loans in reference were taken by Charkop Shantidoot Co-op. HSL (hereinafter called Society) and the interest was also paid by the said Society and such interest payments as also concerned Loans were indeed reflected in the Books of the Society. In support of this contention, learned AR invited our attention to the copies of ledger accounts of the par .....

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