2019 (6) TMI 597

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..... dent : Shri. Mathivannan, C. A. ORDER PER INTURI RAMA RAO, ACCOUNTANT MEMBER This is an appeal filed by the Assessee directed against the order of the Commissioner of Income Tax (Appeals)-7, Chennai ('CIT(A)' for short) dated 23.08.2018 for the Assessment Year (AY) 2013 -2014. 2. The Assessee raised the following grounds of appeal: 1. 'The order of the C.l.T Appeals is against the Princi .....

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..... ellant is to be annulled on the basis of Consistency. 6. The C.I.T Appeals (7) and the A.O have assessed a sum of Rs. 16,59,818/- as net profit not offered. This is totally disputed as the Proforma Land Account for A.Y 2013-14 submitted showed a net loss of Rs. 8,40,182/- and not profit. Further the transactions on the POA Land business as per the Audited Balance Sheet shows a credit balance of .....

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..... n of income, the assessment was completed by the Assistant Commissioner of Income Tax, Non Corporate Circle 7(1), Chennai (herein after referred as ''AO') vide order dated 31.03.2016 passed u/s. 143(3) of the Income Tax Act, 1961 (for short 'the Act') at total income of Rs. 1,78,43,133/-. During the course of assessment proceedings, the Assessing Officer found that assessee had sold a property .....

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..... l was preferred before ld. CIT(A), who vide impugned order confirmed the additions in respect of sale of property, discount, development expenditure, commission paid and deleted the addition made u/s.14A of the Act. 5. Aggrieved by the order of the ld. Commissioner of Income Tax (Appeals), assessee is in appeal before us. It is contended that the profit cannot be brought to tax since the propert .....

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..... Mere entries in the books of accounts does not establish the genuineness of the expenditure. Hence, we do not find any reason to interfere with the order of the ld. Commissioner of Income Tax (Appeals). The grounds of appeal are dismissed against the appellant. 8. In the result, the appeal filed by the assessee is dismissed. Order pronounced on 30th day of May, 2019, at Chennai.
Case laws, .....

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