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TMI Blog2020 (11) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... and remand the matter to the file AO for verification of the claim - Decided i favour of assessee for statistical purposes. Unexplained investment - assessee has been contending before the authorities below that two items of investment in Reliance Mutual Fund was wrongly shown in the AIR received by the department and it can be an inadvertent mistake by the person providing information in AIR - HELD THAT:- Assessee file the confirmation dated 15.06.2008 from Reliance Mutual Fund to say that the assessee has not made any investment of ₹ 8.00 lacs on 02.04.2004 and ₹ 8.5 lacs on 25.08.2004. This establishes that some mistake had crept in while providing information in AIR by the person and the confirmation issued by Reliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to section 115JB, we cannot find fault with the findings of the ld. CIT(A) in confirming these additions. - ITA No. 1138/Del/2015 - - - Dated:- 21-10-2020 - Shri Prashant Maharishi, Accountant Member And Shri K. Narasimha Chary, Judicial Member For the Assessee : Sh. R. Santhanam, Adv. For the Revenue : Sh. Jagdish Singh, Sr. DR ORDER PER K. NARASIMHA CHAR Y, JM Aggrieved by the order dated 14/11/2014 in appeal No. 43/10-11, passed by the learned Commissioner of Income Tax (Appeals)-V, New Delhi ( Ld. CIT(A) ) for assessment year 2005-06, Ester Industries Ltd., ( the assessee ), preferred this appeal. 2. Brief facts of the case are that the assessee is a company engaged in the business of manufacturing and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for deferred tax. The assessee, therefore, preferred this appeal, challenging these two additions. 4. In so far as the denial of carry forwarding of short-term capital loss of ₹ 1,16,64,344/- is concerned, the assessee s case is that the assessee was never heard on this aspect and was never asked to produce any material in support of their claim. Even the impugned order on this aspect reads that the assessee so complained before the ld. CIT(A). It is the submission on behalf of the assessee before us that given an opportunity, the assessee would cooperate with the learned Assessing Officer for verification of the claim of the assessee in respect of carry forward short term capital loss. In these circumstances, we are of the conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame. We, therefore, allow ground No. 2 of the assessee and direct the deletion of this addition. 6. Ground No. 3 relates to the disallowance of ₹ 3,70,696/- towards club expenses, which the assessee claims to have incurred legitimately and therefore, eligible as revenue deduction. CIT(A) observed that such a disallowance was made by learned Assessing Officer for the reason that Tax Auditors of the assessee company pointed out these expenses to be personal in nature. Assessee is a company and there cannot be any personal expense, and in view of the decision in the case of CIT vs. United Glass Manufacturing Company Limited, 28 Taxman 429 (SC), the club expenses of a company are allowable as revenue deduction. We, therefore, while res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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