TMI Blog2020 (9) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... roduced the material before the Commissioner of Income Tax (Appeals), the Commissioner, in exercise of power under Section 250(4) of the Act, directed the Assessing Officer to submit the Remand Report. As submitted by the Assessing Officer himself, it is evident that, if the Remand Report is accepted with regard to long term capital gains, then addition as income from other sources and income from other sources is also accepted, therefore, the question of law framed in this regard namely, substantial questions of law No.3, 4, 5 and 8 do not arise for consideration in this appeal, as the Commissioner of Income Tax (Appeals) has passed the order on the aforesaid Remand Report and the order passed by the Commissioner of Income Tax(Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting aside the disallowance towards de-notification charges of ₹ 18,00,000/-, administrative charges of ₹ 6,60,000/-, total disallowance to the extent of ₹ 24,60,000/- when the assessing authority has done the same considering the share of assessee being 1/3rd of total profit and after allowing the applicable costs? iii) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the computation of long term capital gain made by assessing authority relating to ₹ 2,94,26,600/- as long term capital being transfer of land in Devagiri Farms by the assessee when the assessee was the owner of the said land and had gifted the same to his wife Smt. Anitha Purnesh through a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owance made by the assessing authority to an extent of ₹ 37,31,000/- under the head Income from others even when the assessee had not proved liability and assessee had not produced any documentary evidence in support of his claim that the said amount is due to the HUF of D.M. Purnesh and D.M. Shankar? vii) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance made by assessing authority to tax an amount of ₹ 42,09,420/- claimed as cash deficit even when the assessee had not produced any of his personal account nor bank pass books/bank statements in spite of several reminders and assessing authority based on the bank statements, rightly worked out the cash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d partly allowed the appeal preferred by the assessee. In the aforesaid factual background, the revenue has filed this appeal. 3. Learned counsel for the revenue has taken us through the orders passed by the Assessing Officer and has submitted that the Commissioner of Income Tax (Appeals) has reversed the findings recorded by the Assessing Officer on the basis of the material produced before it and the Income Tax Appellate Tribunal in cryptic and cavalier manner has upheld the finding recorded by the Commissioner of Income Tax(Appeals). It is further submitted that the Tribunal committed error of law in setting aside the disallowance of ₹ 39,86,424/-, when the Assessing Authority has made the disallowance on considering that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 5. It is also pointed out that the assessee submits with regard to addition as income from other sources to the tune of ₹ 84,61,055/- also be accepted. It is also pointed out from the Remand Report by the counsel for the assessee that the Assessing Officer has stated that the argument of the assessee with regard to the addition of income from other sources namely, foreign tour to the tune of ₹ 1,12,475/- may be accepted. Thus, it is submitted that the aforesaid Remand Report has been made the basis by the Commissioner of Income Tax (Appeals) for passing the order, which has been affirmed by the Income Tax Appellate Tribunal that the instant appeal does not involve any substantial questions of law. 6. Lastly, it is urg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the expenditure of ₹ 1,12,475/-has been posted under the head of account business promotion expenses of the company. The argument of the assessee in this regard may be accepted. On addition of ₹ 84,61,055/ The assessee s Chartered Accountant Sri Kiron has stated that the cheque deposits in assessee s Savings account are all transfers from within the family members, firms and companies wherein He is either a partner or a director. The assessee s submissions may be accepted. Addition as income from other sourcesunexplained investment in Harey estate of ₹ 9,45,000/-(Point 15) Assessee s submissions may be accepted. 9. Thus, from perusal of the report submitted by the Assessing Officer himself, it is evi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
