9911796707
TMI Blog2015 (12) TMI 609X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition of Rs. 16 lacs made by disallowing deduction u/s 54EC of the I.T. Act, 1961. 3. We have heard both the parties and perused the material placed before us. The Assessing Officer denied the deduction claimed u/s 54EC to the assessee on the ground that as per certificate issued by Rural Electrification Corporation Limited (RECL) the deposit was beyond the prescribed period. However, the CIT(A) accepted the assessee's contention on the ground that the deposit was made by the assessee within the prescribed time and delay was on account of issue of bond by the RECL. The relevant finding of the CIT(A) reads as under:- "5. DECISION: I have perused the facts of the case and the submission made before me by the appellant. The small poi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and arguments of both the sides, we entirely agree with the order of the CIT(A). Admittedly, the assessee deposited the money in time with the REC Ltd. However, it was REC Ltd who took time to issue the certificate of the bond. The responsibility of the assessee is to make investment with REC Ltd within time, which was admittedly made. The assessee has no control over the issue of the certificate by the REC Ltd. In view of above, we do not find any justification to interfere with the order of the CIT(A) in this regard and the same is sustained. 5. Ground No.2 of the Revenue's appeal reads as under:- "2. On the facts and circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition of Rs. 11 lacs made by es ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easonableness or otherwise of the withdrawal for house-hold expenditure was considered. Therefore, in our opinion, there was no res adjudicata for the Assessing Officer for considering the reasonableness for the house-hold expenditure in this year. It was also contended by the ld. Counsel that the Assessing Officer made the addition merely on the basis of estimate. In our opinion, when no day to day details of expenditure of the house-hold is maintained by the assessee, then naturally by the very nature of the expenditure it has to be determined on estimate basis. Accordingly, we partly reverse the order of the CIT(A) in this regard and sustain the addition of Rs. 1,80,000/- for low withdrawal of house-hold expenditure. 9. Ground No.3 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
