2017 (12) TMI 1674

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..... upon the assessee to furnish necessary evidence to substantiate the claim. To put an end to the litigation, we deem it appropriate to reduce the addition to ₹ 1 lakh out of ₹ 1,82,609/- sustained by the Ld. Commissioner of Income Tax (Appeal) as the personal use of these expenses cannot be ruled out. Thus, the appeal of the assessee is partly allowed. - ITA NO. 2016/Mum/2016 - - - Dat .....

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..... ave considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee is engaged in the business of manufacturing and exporting of diamonds and also providing job work. A search and seizure action u/s 132 of the Income Tax Act, 1961 (hereinafter the Act) was carried out by the Investigation wing in the case of Mahindra Brothers Exports Pvt. L .....

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..... asis. On appeal before the Ld. Commissioner of Income Tax (Appeal), the submission of the assessee was considered and the disallowance was restricted to 5% of such expenses (Rs.36,52,184/-) granting relief of ₹ 34,69,575/-. The assessee is still aggrieved and is in appeal before this Tribunal. Considering the totality of facts, we find that the vehicle expenses, tea and sundry expenses were .....

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