9911796707
TMI Blog2022 (7) TMI 594X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. First Appellate Authority or in short Ld. F.A.A), in appeal before it against order dated 24.03.2015 u/s 143(3) of the Act passed by the Assessing, Assistant Commissioner of Income Tax, Circle-15(2), New Delhi( Officer or hereinafter referred to as ' Ld. AO). 2. The facts in brief are the assessee is engaged in the business of purchase of sale of immovable properties and a filed a return declaring income of Rs. 2,06,22,970/-. The case was selected for scrutiny. The ld. AO noticed that assessee had debited an amount of Rs. 75,58,000/- under the head "Compensation due to Rate difference". Assessee claimed that certain expenditures likely to be incurred for a removal of high tension electric wire were likely to be incurred, therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the circumstances of the case the Ld. CIT(A) has erred in law in deleting both the additions without appreciating the facts of the case. 4. That the order of the ld. CIT(A) is erroneous and is not tenable on facts and in law. 5. That the grounds of appeal are without prejudice to each other. 6. The appellant craves leave to add, alter, amend or forego any grounds of the appeal raised above at the time of hearing." 4. Heard and perused the record. 5. On behalf of the revenue, Ld. DR submitted that Ld. AO had taken into consideration all the aspects of the nature of business of the assessee while making the additions. It was submitted that the compensation provision was not based on any agreement and the liability was unascert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certained. The matter of fact is that instead of Rs. 75,58,000/- provision made the assessee ended making a payment of Rs. 1,51,00,000/- for this disputed liability after settlement. Considering the evidences before it Ld. CIT(A) had found the findings of ld. AO based on surmises or suspicion alone and same require no interference. The ground no 1 is disallowed. 8. Ground no 2; In regard to ground no. 2 it can be observed that on behalf of the assessee voluminous record has been placed in the paper book and also before Ld. CIT(A). The copy of MOA of the company at page no 145 of PB, clause number B(14) and at page no 146 of the PB clause C(3) establish that establish that Assessee company had incorporated in its MOA that it may make invest ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
