TaxTMI 
TaxTMI 
2023 (6) TMI 916
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....e AO u/s 40A(3) where the assessee during the assessment proceedings had failed to furnish the documentary evidence like bills or mode of payment. The assessee did not furnish the bank account details relating to the direct expenses made on the purchase of construction material. Further, it is not clear from the order of the Ld. CIT(A), whether all the bills/vouchers of expenses claimed were seen and verified. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) has failed to note the total impact on the revenue as the assessee was having two separate books of accounts for two separate businesses. The Ld. CIT(A) without giving justified reasons deleted the addition of Rs. 18,12,451/-. 3. On the facts and in the circumsta....
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....he order of the ld. CIT(A). Addition of Rs. 18,12,451/-: 5. The AO held that, "6. In JCS construction's balance sheet proprietor opening capital 1st April 2014 was (-19,57,702/-) again the proprietor withdrew Rs. 1,70,369/-. On 31st march 2015 proprietor capital was Rs. (18,88,255.35). In A.Y. 2015-16 Sh. Subhash Jain also bought 1 property worth Rs. 1.40 crore despite claiming loss in construction business. Interest expenses of Rs. 16,94,906/- and bank charge Rs. 117545 therefore, is being disallowed as under this circumstances business nexus of interest expenses can never exist. [Addition - Rs. 18,12,451/-]" 6. The ld. CIT(A) deleted the addition holding that, the order of the AO is cryptic, the assessee has not purchased any p....
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....[Observed with Balance sheet, P&L Account of lain Chappal Store alone). From the assessment proceedings it has been found that in assessee's balance sheet assessee has shown sundry creditors worth Rs. 3.21 Crore. During the proceeding assessee was asked to produce confirmation from the parties along with their PAN and address. He complied to the same and produced confirmation from the sundry creditors. In the given addresses notice u/s 133(6) was sent. To the surprise of this office no response from the sundry creditors was received apart from Welcome Footware. Letters to Columbus International, Revel footwear, Technomech India Rubber, Jain Associates, VB Minerals Resin Pvt. Ltd. have been received back by this office due to non del....
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....0,28,715/- Galaxy Footwear Rs. 21,38,790/- Manocha Polymer Rs. 71,05,440/- Oswal Industries Rs. 5,77,440/- Hallelu CLM footwear LLP Rs. 4,73,847/- Total amount Rs. 1,68,78,821/- 12. These Purchases of Rs. 1,68,78,821/- is being held as bogus and being added to the total income of the assessee." [Addition of Rs. 1,68,78,821/-] 11. The ld. CIT(A) deleted the additions holding that All payments that have been made by cheque or by RTGS. The payments to these very parties have been made even in the subsequent year against purchases made. The transactions with these parties have been running well into subsequent year(s). The quantitative tally of the appellant has not been disturbed. The VAT payments as have been made ignored b....