TMI Blog2022 (3) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld.AO to consider the submissions of assessee de novo in light of the Rules of Betting and the principles laid down by various Hon ble Courts. - ITA No. 1480/Bang/2017 - - - Dated:- 14-3-2022 - SHRI. B.R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER For the Assessee : Shri S.V. Ravishankar, Advocate For the Revenue : Shri Janardhan, Addl. CIT (DR) ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal is filed by assessee against the order dated 28/10/2016 passed by Ld. CIT (A), Mysore for assessment year 2011- 12 on following grounds of appeal: 1. The order of the learned Commissioner of Income-tax [Appeals] in so far as they are against the appellant is opposed to law, equity an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the betting rules clearly indicates that the disbursement of dividends to the punters are not the receipt of the appellant and hence there is a diversion of receipt by virtue of overriding title on the facts and circumstances of the case. 4. The learned Commissioner of Income-tax [Appeals] was not justified in confirming the disallowance made by the learned assessing officer by invoking the provisions of section 40A[3] of the Act amounting to Rs. 37,88,922/- on the facts and circumstances of the case. [i]. The learned Commissioner of Income-tax [Appeals] is not justified in law in holding that gross receipts are to be taken as income and the dividends paid are expenses subjected to provisions of section 40A[3] of the Act, on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d authorities ought to have considered such amounts for quantification after allowing the basic exemption of Rs. 20,000/- on payments the balance amounts alone could have been considered for the purposes of disallowance under section 40A[3] of the Act on the facts and circumstances of the case. 5. The learned Commissioner of Income-tax [Appeals] is not justified in law in setting aside the issue of disallowance of a sum of Rs. 9,51,580/-representing expenditure disallowed in the earlier assessment year and was claimed by the appellant in the return of income as an allowance deduction on actual payment as per the provisions of section 43B of the Act on the facts and circumstances of the case. 6. The learned Commissioner of Income-tax [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate, method of calculation, quantum is not discernable from the order of assessment on the facts and circumstance of the case. 11. The appellant craves leave to add, alter, amend, substitute or delete any of the grounds as urged above at the time of hearing of appeal. 12. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and justice rendered. 2. Brief facts of the case are as under: The assessee is engaged in activity of conducting horseracing. It has been carrying out this activity since the last 120 years. For your consideration it filed its return of income declaring total income at rupees will and pay taxes of ₹ 23, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) of the Act. The Ld.CIT(A) also allowed the claim pertaining to expenditure disallowed in earlier years for which provision was made and was also not considered by assessing officer in the assessment order. The Ld.CIT(A) also had directed the lower deal to consider the claim of brought forward unabsorbed depreciation and unabsorbed losses for the year under consideration and to recompute the interest payable under section 234B as per law. Aggrieved by the order of the Ld.CIT(A) a season appeal before us now. 5. At the outset, the Ld.AR submitted that the ground number 1-2 are general in nature and therefore do not require adjudication. He submitted that the ground number 5-6 has been not pressed by assessee. Accordingly these ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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