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2014 (11) TMI 646 - ITAT AHMEDABADDisallowance of loss – Losses incurred – evidences for suppression of profit present or not - Held that:- AO has noted that assessee was asked to justify the claim of loss, which assessee had failed to do - assessee did not produce the books of accounts for examination by AO - even before CIT(A) no material has been placed on record by the assessee to substantiate its claim of loss - It is a fact that in the absence of details the entire gross profit has been disallowed by AO is unjustified – thus, the matter is remitted back to the AO for verification – Decided in favour of assessee. Addition u/s 68 – Assessee furnished full details of loans – Held that:- CIT(A) rightly found that even the audit report of the assessee does not given any details regarding the amount borrowed the Column regarding amount of loan/deposit taken/accepted the words "Our Account" are mentioned but there is no mention about the amount accepted apparent that this is only a paper report, otherwise, the figure should have been mentioned - auditor has not at all verified this fact in the circumstances merely on the basis of tax audit report it cannot be accepted that deposits are genuine – the order of the CIT(A) is upheld – Decided against assessee. Claim of revenue expenses disallowed – Held that:- Assessee has not produced any material before A.O. or CIT(A) in support of his claim – assessee submitted that it had already made the disallowance - Since the submission has not been examined by AO, this factual aspect needs re-examination – thus, the matter is remitted back to the AO for ascertaining the factual position – Decided in favour of assessee. Claim of claims, rebate & reversal of claim disallowed – Claim of writing off disallowed – Held that:- AO while disallowing the claim has noted that assessee has failed to submit any details or justification about expenditure - CIT(A) has also noted that no details were submitted and whether amounts were ever offered as income or not – since the submission related to the precedence was not made before lower authorities by the assessee, the issue needs re-examination – thus, the matter is remitted back to the AO – Decided in favour of assessee. Disallowance out of interest expenses – Held that:- Assessee contended that the investments were made out of interest free funds and not borrowed funds - CIT(A) has given finding that assessee does not have any surplus funds - In view of the contrary facts, the factual position needs to be re-examined – the matter is remitted back to the AO for verification – Decided in favour of assessee. Disallowance on hire charges – Held that:- the AO held the transaction entered by the Assessee with Blue Bell Finance Co. Ltd. to be non genuine – the matter is remitted back to the AO for consideration – Decided in favour of assessee.
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