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TMI Blog2015 (11) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... om business, then the provisions of Explanation to section 73 are not applicable. There is no infirmity in the order of CIT (A) on this aspect because the same is in line with the judgment of Hon’ble Allahabad High Court rendered in the case of Narain Properties Ltd. (2012 (6) TMI 38 - ALLAHABAD HIGH COURT). Thereafter, he has given a finding of fact that income from Brokerage and Commission in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this issue also, we find no reason to interfere in the order of CIT (A). - Decided against revenue - ITA No.459/LKW/2014, C.O.No.28/Lkw/2014 - - - Dated:- 11-9-2015 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER For The Assessee by Shri Ashish Jaiswal, Advocate For The Department by Shri Amit Nigam, Sr. DR ORDER PER A. K. GARODIA, A.M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso placed reliance on the judgment of Hon ble Allahabad High Court rendered in the case of Narain Properties Ltd. as reported in 254 CTR 185 and on a judgment of Hon ble Gujarat High Court rendered in the case of CIT vs. Paranjay Mercantile Ltd. as reported in 361 ITR 462. 4. We have considered the rival submissions and gone through the orders of the lower authorities and the judgments cited b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of Explanation to section 73 are not applicable in the present case. Learned DR of the revenue could not controvert these findings of learned CIT (A) and therefore, we hold that there is no infirmity in the order of CIT (A) on this issue. 5. On the second issue, we find that as against the estimation of the A.O. that expenses of ₹ 2 Lacs under each of these two heads are not veri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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