9911796707
TMI Blog2019 (1) TMI 1656X X X X Extracts X X X X X X X X Extracts X X X X ..... agree with the reasons mentioned by the revenue authorities especially the Ld. First Appellate Authority for confirming the addition of ₹ 20,38,472/- on account of interest on loan of ₹ 1,11,73,554/-. Hence, no interference is called for in the well reasoned order of the Ld. CIT(A) - Decided against assessee Credit card payment - nature of expenditure - revenue or capital expenditure - HELD THAT:- Expenses on ICICI Credit Card and the credit facility from Phoenix ARC Pvt. Ltd. was transferred by the assessee to his capital account. Since the assessee has himself capitalized these amounts by transferring the same to his capital account without crediting the same in the profit and loss account. In my view and keeping in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough RPAD and in response to the same, none appeared on behalf of the assessee nor filed any application for adjournment. Therefore, the Bench adjourn the case for 06.11.2019 by directing the Registry to issue notice by RPAD for hearing on 06.11.2019. On 06.11.2019 when the matter came up for hearing, again none appeared on behalf of the Assessee nor filed any application for adjournment. Hence, I am of the view that no useful purpose would be served to issue notice again and again to the assessee on the address given by the assessee in the present appeal. Secondly, the assessee has also not intimated any new address to the Tribunal. In view of facts and circumstances of the case and in the interest of justice, I am decidin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 8,80,406/-. Accordingly, an addition of ₹ 8,80,406/- was made in the hands of the assessee and AO also initiated the penalty proceedings u/s. 271(1) of the Act. 3.2 As regards the ICICI Bank Credit Card, assessee submitted his letter dated 10.8.2015 and stated that assessee had been using ICICI bank credit card which was being shown in his balance sheet but from this year the assessee has shown this in his capital account and has credited ₹ 4,10,447/- in his capital account. The AO was of the view that assessee has not credited ₹ 5,90,175/ to the profit and loss account, though it was the part of his balance sheet in earlier years, hence, ₹ 5,90,175/- was added in the hands of the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduced in the assessment order. After perusing the said bills, the AO was of the view that assessee has furnished two bogus bills amounting to ₹ 76,000/- and ₹ 73,680/- pertaining to Kuldeep Computers and SL Computers and printers and these two computers bills dated 1.6.2015 and 15.7.2015 does not pertain to the year under consideration. Assessee has claimed depreciation of ₹ 89,808/- on the same @60%. So, the expenses of ₹ 1,49,680/- as well as depreciation of ₹ 89,808/- on these two computers was disallowed and an amount of ₹ 2,39,488/- was added back to the income of the assessee. AO also initiated the penalty proceedings u/s. 271(1) of the Act. In the end, the AO also initiated the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 73,554/-. Hence, no interference is called for in the well reasoned order of the Ld. CIT(A) on the issue in dispute, therefore, I uphold the finding of the Ld. CIT(A) on the issue in dispute and reject the ground raised by the assessee. 4.1 As regards addition of ₹ 5,90,175/- on account of credit card payment is concerned, after going through the orders passed by the revenue authorities and after hearing the Ld. DR, I am of the view that expenses on ICICI Credit Card and the credit facility from Phoenix ARC Pvt. Ltd. was transferred by the assessee to his capital account. Since the assessee has himself capitalized these amounts by transferring the same to his capital account without crediting the same in the profit and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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