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TMI Blog2015 (7) TMI 1132X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. We find from the order of CIT(Appeal's) that the CIT(Appeal s) without discussing the submissions made by the assessee just strictly confirmed the order of the Assessing Officer disallowing the salary. We, therefore, set aside the order of the CIT(Appeals) and delete the disallowance in respect of the salary. Disallowance towards the consultancy fees in respect of income-tax matters - Held that:- We have heard the rival submissions and carefully considered the same. The assessee is a proprietor of proprietorship concern M/s. Janardan Hosiery Mills and is also carrying on the business. Therefore, the assessee, in our opinion, is required consultancy from time to time in respect of its business. The expenses incurred by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ri P.K. Bansal, Accountant Member and Shri Mahavir Singh, Judicial Member Shri Amitabha Choudhury, Sr. D.R., for the Department Shri S.L. Kochar Shri Anil Kochar, Advocates, for the assessee O R D E R Per P.K. Bansal: The appeal as well as the Cross Objection have arisen out of the order of Commissioner of Income Tax (Appeals)-XXX, Kolkata dated 16.06.2011 for the assessment year 2007-08. 2. The appeal is time barred by 04 days. The Department has filed a condonation petition dated 08.09.2011 to condone the delay. We after hearing the ld. D.R. and on the basis of the application dated 08.09.2011 condone the delay and the appeal is admitted. 3. The only issue involved in the appeal filed by the Revenue relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s own conclusions about the intentions of the appellant. The detailed evidences and write up given by the appellant in support her arguments, substantiate her claim of being an investor. It is also clear that the assertion that she is an investor can only be challenged on the basis of her own records and transactions which could indicate that it is actually doing trading business. This is not there in the appellant's case and the A.O. has failed to do so other than making a longwinding analysis of the guidelines 'laid out in CBDT Circular No.4/2007. The reliance of Assessing Officer on the decision of ITO Vs. Lily Exports Pvt. Ltd. of Hon'ble I.T.A.T. 'A' -Bench, Kolkata is based on different facts and cannot be applied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) allowing relief to the assessee and di rect the Assessing Officer to assess the income from purchase and sale of shares under the head long term capital gain . 5. Coming to the C.O. of the assessee, Ground No. 4 of the Cross objection was not pressed by the ld. counsel of the assessee, therefore, the same is dismissed as not pressed. The following grounds survive in the C.O.:- (1) For that the CIT(A) erred in confirming disallowance of ₹ 21,000/- pertaining to salary on the alleged grounds. (2) For that the CIT(A) ought to have allowed the claim pertaining to expenses of ₹ 1,500/- being the consultation fees for income tax matters. (3) For that the CIT(A) erred in marshalling relevant facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer disallowing the salary. We, therefore, set aside the order of the CIT(Appeals) and delete the disallowance in respect of the salary. 9. The second ground relates to the disallowance of ₹ 1,500/- towards the consultancy fees in respect of income-tax matters. 10. We have heard the rival submissions and carefully considered the same. The assessee is a proprietor of proprietorship concern M/s. Janardan Hosiery Mills and is also carrying on the business. Therefore, the assessee, in our opinion, is required consultancy from time to time in respect of its business. The expenses incurred by the assessee towards income-tax consultancy are for the purpose of business. We accordingly delete the disallowance made by the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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