TaxTMI 
TaxTMI 
2019 (10) TMI 630
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....Learned Commr. of Income Tax (A) has erred in confirming that the sum of Rs. 10,00,000/- being the amount received by the appellant on sale of scrap is chargeable to tax. The appellant prays that the addition made by the Learned Assessing Officer and confirmed by Learned CIT (A) is not justified and may be deleted. 2. On the facts & circumstances of the case the Learned Commr. of Income Tax (A) has erred in confirming the additions made of Rs. 3,00,000/- u/s 40 A (3) of Income Tax Act, 1961. The appellant prays that the addition may be deleted. 3. On the facts & circumstances of the case the Learned Commr. of Income Tax has erred confirming the invocation the provisions of Section 69 C of Income Tax Act,1961. The appellant prays that th....
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....as been sought by the assessee vide condonation petition dated 19/05/2012 by submitting that the assessee had preferred a rectification application u/s 154 before Ld. Assessing officer against order giving effect and was under a bona-fide belief that the appeal was not be preferred before Tribunal. Keeping in view the period of delay and explanation furnished by the assessee, the bench formed an opinion that in the interest of justice, the delay was to be condoned. Therefore, we proceed to dispose-off the appeal on merits as per argument advanced by both the representatives. We have heard and considered the arguments, perused relevant material on record and deliberated on judicial pronouncements as cited before us. As evident from grounds o....
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....s to be shared between the assessee and SICCL in certain proportions. Accordingly, SICCL advanced a sum of Rs. 25 crores to the assessee. However, the project could not take off due to suspension of permissions by authorities and SICCL filed suit to restrain the assessee from alienating the land or creating a third-party right in the stated property. 2.3 Meanwhile, in another litigation proceedings by M/s BIPL & M/s PCPL against M/s UDCHSL wherein the assessee was also a defendant, in the matter of granting of development rights vide conveyance deed dated 19/07/1988, the said suit was decided out of court whereby the deed of conveyance was cancelled and since the amount payable by M/s UDCHSL could not be paid, only a small portion of the l....
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....h proceedings, certain documents pertaining to assessee were found and upon perusal, it transpired that the assessee was shown to have incurred expenses of Rs. 23.94 Lacs towards security and guarding including payment to policemen etc. The assessee explained the source to the extent of Rs. 18.33 Lacs and for the balance, it was submitted that it did not incur any expenditure. It was also submitted that total expenses were only Rs. 20.29 Lacs and not Rs. 23.94 Lacs. However, upon perusal of documents, Ld.AO found that the expenses incurred were, in fact, Rs. 37.67 Lacs out of which an amount of Rs. 5 Lacs was stated to be paid in cash. The details of the same have already been extracted in para-9 of the quantum assessment order. Therefore,....
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....of Rs. 12.73 Lacs was paid by Cheque while amount of Rs. 15 Lacs was spent in cash since the disallowance u/s 40A(3) was made by Ld.AO at 20% resulting into addition of Rs. 3 Lacs in the hands of the assessee. Therefore, the balance amount left would be Rs. 9.94 Lacs and not Rs. 14.34 Lacs as determined by Ld. AO which may be added with a view to conclude the matter. The Ld. first appellate authority, after appreciation of factual matrix directed Ld. AO to verify the cheque payments and add the differential amount to the income of the assessee. Upon perusal of order giving effect dated 07/02/2012, it is observed that the income has been re-computed at the same figures and no relief has been granted to the assessee. Aggrieved, the assessee ....