9911796707
TMI Blog2022 (5) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer under section 143(3) of the Income Tax Act, 1961 [hereinafter referred to as the "Act"] dated 26.12.2017. 2. Grounds of appeal raised by the assessee are as follows: "1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income-tax (Appeals) has erred in confirming the disallowance of Indirect Expenses of Rs.1,11,554/- and Interest of Rs.1,79,944/- on Partner's Capital. 2. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income-tax (Appeals) has erred in confirming action of the assessing officer assessing income of the assessee at Rs.16,65,499/- by treating Income declared during Survey as Deemed Income not includi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on partner's capital account debited in the profit and loss account. 4. On appeal, ld CIT(A) confirmed the action of the assessing officer. Aggrieved, the assessee is in appeal before us. 5. Shri Hardik Vora, Learned Counsel for the assessee, pleads that during the course of assessment proceedings, on being show caused by the assessing officer, the assessee submitted its detailed reply and explained that receipt of Rs.16,65,000/- in question is its business receipt and explained the nature of it and the assessing officer has not disapproved assessee's contention. The ld Counsel further submitted that said Cash Receipt of Rs.16,65,000/- is part of assessee's business receipt and is part of regular business profit and hence it is ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itten submission on 20/12/2017. Relevant contents of the same are reproduced below: "1) Assessee's Net Profit of Rs.13,73,501/- for the year is the net result of Sales made, Construction expenses, Direct & Indirect Expenses incurred during the year and said Unaccounted amount of Rs.16,65,000/- admitted during survey. 2) Indirect expenses are normal and regular expenses incurred by the assessee during the carrying on of assessee's business and it has nothing to do with the said unaccounted receipt. These expenses are duly supported by bills / vouchers/ evidences and during the course of assessment proceedings the assesses has provided copies of the same to your honour. 3) These expenses are the expenses which the assesses would he ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
