9911796707
TMI Blog2021 (1) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... March, 2013 for Assessment Year 2007-08 was challenged and it was dismissed. 2. The assessee has raised the following grounds of appeal :- "1. That on the facts and circumstances of the case, the assessment made u/s 153A of the Act by the Assessing Officer and confirmed by the CIT(A) is bad on facts and in law on the ground that as per Panchnama, no material belongs to assesse whatsoever was seized in the course of search u/s 132 of the Act on 07.12.2008 on the assessee and therefore the utilization of the material seized in the course of search on 15.11 2007 on BPTP Ltd (and not on assessee) was not permissible in the present assessment. 2. That without prejudice on the facts and circumstances of the case and in law, the CIT(A) erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,68,63,358/- on account of interest on post-dated cheques (PDC). The learned Assessing Officer in para 2 has noted that assessment in this case has been completed earlier on 29.12.2009 under Section 143(3) of the Act at an income of Rs. 4,23,52,990/- after making an addition of Rs. 4,02,21,741/- on account of interest on PDC and further addition of Rs. 21,31,249/- on account of additional payment. In this assessment pursuant to the search under Section 153A of the Act assessee was asked to explain that why the additions made in the earlier assessment order [ in proceedings u/s 143 (3)] should not be made again. The submission of the assessee is that addition made on account of interest paid on PDC has been deleted by the ld. CIT (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of land in cash. The ld. Assessing Officer noted that it is in violation of provisions of Section 40A(3) of the Act. The assessee submitted that the land was not purchased as stock-in-trade and the entire expenditure incurred is on behalf of a third party on behalf of whom the land was acquired. That party has reimbursed the complete sum to the assessee. Therefore, no expenditure is incurred in cash and claimed by the assessee as deduction. It was further stated that such purchase of land on behalf of third party is also not debited to the profit and loss account. However, the ld. AO held that this amount is in violation of Section 40A(3) of the Act and, therefore, disallowed 20% thereof amounting to Rs. 1,20,312/-. The first contention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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