9911796707
TMI Blog2022 (3) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... lected as a non current investment in the audited financial statements and is, consequently, not claimed as an expenditure in the Profit and Loss Account. We had asked the learned counsel for the appellant as to whether any agreement to sell was executed between the parties prior to the sale.However, counsel for the appellant was unable to answer our query. We had also asked the learned counsel for the appellant as to whether any copy of the sale deed has been placed on record. Learned counsel for the appellant says that the copy of three [3] sale deeds, which are in issue, have not been placed on record. The interest of the appellant is still intact as the Tribunal has remitted the matter to the AO. The appellant, in our view, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 143(2) of the Act, which ultimately led to the appellant s taxable income being assessed at ₹ 22,88,072/-. In arriving at the taxable income, the appellant disallowed a cumulative amount of ₹ 20,00,000/- said to have been paid by the appellant in cash towards purchase of parcel of land in Ghaziabad, Uttar Pradesh and in Bhiwadi, Rajasthan. Cash to the extent of ₹ 10,00,000/- out of a total amount of ₹ 3.36 crores was paid in one case and another tranche of ₹ 10,00,000/- out of ₹ 12.87 crores was paid in the other case. Besides this, ₹ 2,88,072/- was also disallowed under Section 14A of the Act. The assessment order was passed under Section 143(3) of the Act, on 15.03.2016. 4.2. The appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk draft, exceeds twenty thousand rupees.] .. 2 (j) where the payment was required to be made on a day on which the banks were closed either on account of holiday or strike; .. 5.3. The Tribunal, having regard to the totality of facts, has, in fact, remanded the matter to the AO for enabling the appellant to satisfy the AO as to why the payments in cash had to be made on a Sunday, and why the provisions of Section 40A(3) of the Act would not apply in the appellant s case, when the land is reflected as a non current investment in the audited financial statements and is, consequently, not claimed as an expenditure in the Profit and Loss Account. 6. We had asked the learned counsel for the appellant as to whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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