9911796707
TMI Blog2021 (11) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... remained only at balance figure. It is also clear that until and unless the contractor carried out the desired modification, the premises was not fit to commence the business of the assessee and thereby related to bringing the profit making apparatus into existence. We, therefore, are of the opinion that inasmuch as the assessee credited the amounts received to the capital asset and treated it as capital receipts, the same cannot be brought to tax. Hence, this addition is directed to be deleted. Addition on assessee not producing the books of account - HELD THAT:- As submitted on behalf of the assessee that the operational revenue of the assessee is around ₹ 258 crores on all India basis and in so far as this particular expendit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons, but confirmed the additions on account of these two factors. 3. Ground No. 1 2 of the appeal relate to addition of ₹ 14,73,079/-, which amount was received by the assessee from the contractors who delayed in execution of the work to make fit the rented premises for conducting business. It was the case of the assessee before the authorities below that the contract shows that the amount of liquidated damages was fixed at ₹ 20,000/- per day irrespective of contract value and since the contract relates to bring the profit making apparatus into existence, any damage received on account of such delay amounts to capital receipt. Before the authorities below, the assessee placed reliance on the decision of Hon'ble Apex Cur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nasmuch as the assessee credited the amounts received to the capital asset and treated it as capital receipts, the same cannot be brought to tax. Hence, this addition is directed to be deleted. 7. Now coming to ground No. 3 as to the disallowance of ₹ 6,62,799/-, according to the Assessing Officer, this disallowance is the result of assessee not producing the books of account. However, the fact remains that even in such contingency, Assessing Officer allowed other deductions. It is submitted on behalf of the assessee that the operational revenue of the assessee is around ₹ 258 crores on all India basis and in so far as this particular expenditure of ₹ 6,62,799/- is concerned, this relates to the expenditure of giving gi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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