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TMI Blog1985 (8) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... -71, 1972-73 and 1974-75. For the assessment year 1972-73 there are cross-appeals. 2. The assessee which is a registered firm, deals in the purchase and sale of land. In the department's appeals, the point involved is common. It relates to varying amounts of additions by way of interest. The facts in that regard are that the assessee received earnest moneys which remained with it till the sales ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by 12 per cent t he assessee the ITO --------------------------------------------------------------------------------------------------------------------------------------------------- Rs. Rs. Rs. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls before us, both parties pointed out that the provisions of section 28(iv), dealing with benefit or perquisite, were not attracted. After hearing the learned representatives on both the sides, we are of the view that the learned AAC was absolutely justified in deleting these additions. Nobody can be forced to earn income. It is only where it is established that income was earned and the system o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relates to the disallowance of 50 per cent of the expenses debited to the profit and loss account. The assessee debited an expenditure of Rs. 12,528 in the profit and loss account for the assessment year 1972-73. The ITO found that the assessee was not maintaining any vouchers nor there was any other evidence to establish these expenses. Therefore, he disallowed 50 per cent of the expenses amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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