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TMI Blog2020 (12) TMI 499X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 1-12-2020 - Shri Shamim Yahya (AM) And Shri Amarjit Singh (JM) For the Assessee : Shri Prakash Jhunjhunwala For the Department : Shri Akhtar H. Ansari ORDER PER SHAMIM YAHYA (AM) :- This appeal by the assessee is directed against order of Learned Commissioner of Income Tax (Appeals) [in short learned CIT(A)] dated 11/3/2019 and pertains to assessment year 2013-14. 2. The grounds of appeal read as under :- 1. Learned Commissioner of Income Tax (Appeals) erred in confirming the order of Learned Assessing Officer disallowing claim of donation made u/s 35AC of the Act to the tune of ₹ 50,00,000/-. Appellant submits that in view of the facts and circumstances of the case as well as in law, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CIT (Appeals) is bad in law and deserves to be quashed. Appellant prays for appropriate relief. Each of the above grounds of appeal are without prejudice to each other. 3. Brief facts of the case are as under :- The assessee company is a registered stack broker on NSE and JBSE and OTCE and also involved in the activities of finance, In this case, the return of income was e-filed on. 16.09.2013 declaring total income at Rs, 14,53,259/. The assessee also filed a revised return on 25.03.2015 declaring total income at ₹ 64,53,259/-.The assessment was completed u/s. 143(3) on 13/01/2016 by determining the total income at ₹ 64,53,259/-, as per the revised return. In the course of assessment assessing officer obser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel of the assessee submitted that this issue is covered in favour of the assessee by several decisions of the ITAT including that of the assessee s associate concern Jadstone Trading P. Limited. He submitted that the admission which is the basis of addition has been duly retracted. He placed reliance upon following case laws :- Jadstone Trading Pvt Ltd vs. ITO ITA No.7143/Mum/2018 Saroj Plantations Pvt Ltd vs. ITO, ITA No.648/M/2018 Urnish Jewellers vs. ACIT 2019(5) TMI 1323 (Mum-ITAT) Motilal Dahyabhai Jhaveri vs. ACIT 2019 (4) TMI 1615 (Mum-ITAT) Gujarat Agrochem Pvt Ltd vs. ACIT 2019(6) TMI 1048 (Mum-ITAT) Shyam Sunder Co. Jewellers vs. ACIT 2019(5) TMI 22 (Kol-ITAT) National Leather Cloth Manufacturin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Up on assessee s appeal learned CIT-A confirmed the addition. Against this order assessee is in appeal before the ITAT. I have heard both the counsel and perused the records. Assessee has challenged the addition on various grounds. However the main issue remains that the challenge to the addition of ₹ 500,000 being given to charitable trust as donation on the ground that on the search of the said charitable trust it has been found that it has been incurring only bogus expenditure. This led to the presumption of the assessing officer that the said sum of ₹ 500,000 has actually come to the assessee clandestinely. In my considered opinion it is undisputed that assessee has submitted the receipt for the donation. The same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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