9911796707
TMI Blog2013 (2) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... other years only for the reason that material taken in possession pertains to the year 2003-04 and 2004-05. No question of law arises on the basis of such finding of disallowance recorded by the CIT(A) and affirmed by the Tribunal. Disallowance of consumables - Held that:- Tribunal has set aside the findings recorded by the CIT(A) on the basis of statement of Shri Raghuvir Singh Dhiman, Factory Manager, recorded on 28.09.2004 and also the payment of cheques shown in the account of other coal traders though the payment was made to M/s S.P. Industrial Corporation. It was found that material available on record suggests the invariability of the expenses claimed by the assessee under the impugned heads. Such finding is a finding of fact on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of law that no additions or disallowance can be made under Block Period Assessment while computing undisclosed income u/s 158BB (1) of the Income Tax Act, 1961, on estimate basis? 2. Whether the ITAT was justified in confirming the order of authorities below qua making of disallowance @ 1/3rd on estimate and suspicion basis treating claims of expenditure on account of coal and fuel as in-genuine for not being claimed consistently without any evidence to support the additions having found during the course of search which is a basic requirement of computing undisclosed income for the block period as provided u/s 158BB(1) of the Income Tax Act, 1961. 3. Whether the ITAT was justified in reversing the order of CIT (A) as regards dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Department for the period relevant to assessment year 2003-04 and 2004-05 during search operations. Such pads disclosed details of cash withdrawn from the bank account of the various coal and fuel suppliers of the appellants. On the basis of such information, the Commissioner of Income Tax (Appeals) found that the expenditure incurred on coal and fuel has been shown as Rs.52,13,356/- against the sales of Rs.18,09,50,955/-. In percentage, the expenditure incurred on purchase of coal and fuel comes to 2.80%. The Commissioner of Income Tax (Appeals) found that, in the assessment year 2004-05, the appellants have shown such expenditure as 1.9% only. Therefore, reduced the amount of disallowance from Rs.17,37,785/- to Rs.10,25,000/-. Lear ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
