9911796707
TMI Blog2021 (5) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... make it difficult for assessee to furnish the specific customer-list as desired by Ld. AO. We find that similar arrangement is continuing since AY 2011-12 and the assessee is making similar payment since then. The assessment for AY 2011-12 as well as for AY 2016-17 was framed u/s. 143(3) wherein similar claim made by the assessee was accepted. Further, payer as well as payee, both are in highest tax bracket and therefore, the invocation of provisions of Sec. 40A(2)(b) would not be justified. Hence, on the facts and circumstances of the case, we are inclined to delete this addition - Decided in favour of assessee. Disallowance of Gift Article Expenses - assessee was asked to justify its deduction in terms of Sec. 37(1) and in the absen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income-Tax (Appeals)-6, Mumbai, [in short referred to as 'CIT(A)'], Appeal No. CIT(A)-6/IT-82/2016-17 vide order dated 15/11/2017 in the matter of assessment framed by Ld. Assessing Officer (AO) u/s. 143(3) on 29/12/2016. 3. We have carefully heard the rival submissions and perused relevant material on record. Our adjudication to the subject matter of appeal would be as given in succeeding paragraphs. The assessee is a wholly owned subsidiary company of M/s. Ventura Securities Limited. The assessee is in the business of commodities broking which is generated through sub-brokers, references etc. 4. Disallowance of payment made to Related Parties u/s. 40(A)(2)(b) 4.1. The assessee reimbursed amount of ₹ 21. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and circumstances of the case, we are inclined to delete this addition. The ground raised by the assessee stand allowed. 5. Disallowance of Gift Article Expenses 5.1. The assessee purchased gold coins for ₹ 41.16 Lacs. The assessee was asked to justify its deduction in terms of Sec. 37(1). In the absence of satisfactory explanation forthcoming from the assessee, the amount was disallowed. The stand of Ld. AO, upon confirmation by learned first appellate authority, is under challenge before us. 5.2. From the perusal of assessee's submissions before lower authorities, it transpires that the purchase of coins is duly supported by the invoice. It has been submitted that as per normal business practice, coins were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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