9911796707
TMI Blog2014 (3) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... AO and verifying all the invoices filed by assessee in support of purchase of fixed assets held that addition made to the fixed assets were genuine - addition u/s. 69 being 10% of total addition made in fixed assets was not sustainable as the same was made on presumption basis and without bringing any material on record – there was no infirmity in the order of CIT(A) as it has been passed after giving opportunity to the AO on the submissions – Decided against Revenue. Addition made on account of unexplained purchases – Held that:- CIT(A) held that since assessee has furnished all the invoices and ledger accounts during the remand proceedings which were duly examined by the AO and nothing adverse was found by him during this investigation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. [2]. The Ld. CIT(A)-XlV, Ahmedabad erred in law and on facts in deleting the addition of Rs. 18,60,318/- made by the Assessing Officer on account or unexplained investments in fixed assets u/s.69 of the Act. [3]. The Ld CIT(A)-XIV, Ahmedabad erred in law and on facts in deleting the addition of Rs. 28,85,039/- made by the Assessing 0fficer on account of unexplained purchases. [4] The Ld. CIT(A)-XlV. Ahmedabad erred in law and on facts in restricting the addition of Rs.l,50,000/- out of addition of Rs.6,95,662/- made by the Assessing Officer on account of administrative and other expenses. [5]. The Ld. CIT(A]-XIV, Ahmedabad erred in law and on facts in deleting the addition of Rs.2,41,946/- made by the Assessing Officer on a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during assessment proceedings and he admitted this additional evidence and went on to decide the appeal after obtaining remand report on the submissions of the assessee. In this background of this case, we will now take up each ground separately on the facts as they emerged from the order of ld. CIT(A). 4. First ground of appeal relates to addition of Rs. 1,44,16,792/- on account of unexplained credits u/s. 68 of the Act. 5. The AO in his remand report has stated that during the year under appeal, the assessee-company accepted unsecured loans of Rs. 1,44,16,792/- from following creditors:- Sri Amit Agarwal Rs. 3745353 Sri Dhirajkumar Agarwal Rs. 1258899 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 575000.00 22-03-2007 Union Bank of India, Sarat Bose Road Branch, Kolkatta 055792 755000.00 Interest of Rs. 1,39,592/- was received @ 15 % per annum during the assessment year and TDS of Rs. 14,230/- was also deducted thereon. He made the above deposit out of above mentioned bank account. He enclosed his books of account along with PAN card, Income Tax, Bank statement of respective bank accounts along with statement of affairs and capital account for the year under appeal. 7. On the basis of above submissions of the assessee, Ld. CIT(A) deleted this addition by observing as under:- 7.2 1 have verified the confirmation along with the documents mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ets except for Rs. 5 lacs which was amount-wise very small in nature according to him. However AO did not point out any discrepancy. Ld. CIT(A) after taking into consideration the remand report of the AO and verifying all the invoices filed by assessee in support of purchase of fixed assets found that addition made to the fixed assets were genuine and therefore addition of Rs. 18,60,319/- u/s. 69 being 10% of total addition of Rs. 1,86,03,188/- in fixed assets was not sustainable as the same was made on presumption basis and without bringing any material on record. We find no infirmity in the order of Ld. CIT(A) as the same has been passed by him after giving opportunity to the AO on the submissions and evidence produced before him by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricted this addition to Rs. 1,50,000/-. Since Ld. CIT(A) has given relief after going through the nature of these expense which were mainly on account of interest/advertisement expenses, professional charges and audit fees, we are not inclined to interfere with the order passed by him and the same is hereby upheld. So this ground of revenue is also dismissed. 14. The last ground taken by revenue relates to addition of Rs. 2,41,946/- being 1/5th of total preliminary expenses of Rs. 12,09,774/-. 15. During the remand proceedings assessee furnished the break-up of these preliminary expenses. AO examined these expenses and was satisfied to the claim of assessee as much as there was no adverse finding by him in his remand report. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
