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TMI Blog2022 (8) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... standing in respect of additional supply of expertise such as Doctors and Nurses with other Hospital. Thus, merely on the basis of statement which were later on retracted cannot be taken into account for determining not to grant deduction under Section 80IB(11C) of the Act to the assessee. The CIT(A) has rightly deleted this addition. - Decided against revenue. Unexplained investment u/s 69A - unexplained bullion - As per assessee bullion was then converted into Gold Kada Jewellery and the making charges was also paid by the assessee in cash which is also duly accounted for - HELD THAT:- It is pertinent to note that bullion purchased by the assessee has been properly reflected in the books of account and the Balance Sheet with the detailed explanation given in Schedule-D. From the perusal of records, it can be seen that all the purchases made is in the cash mode still the bills were properly maintained by the assessee and the said evidence were produced before the Assessing Officer as well as before the CIT(A). Thus, the assessee has explained investments and also explained the conversion of that investment into jewellery in the later years. Thus, this cannot be termed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim of the assessee u/s. 80IB(11C) as the assessee was not satisfying all the conditions as laid down u/s. 80IB(11C) of the Act. The grounds raised by the Assessee in its Cross Objections are as under : - C.O. No.8/Ahd/2020 - A.Y. 2013-14 1 The assessment order of Learned Assessing Officer (LAO) i.e., Deputy Commissioner of Income Tax, Circle 1(2)(1), Vadodara was erroneous and addition of Rs.2,09,06,738/- was made, aggrieved by the order of the LAO the assessee filed appeal with CIT(A)-5, Vadodara and on the basis of the facts the CIT(A)-5, Vadodara allowed the said deduction claimed by the appellant under section 80IB(11C) of Rs.2,09,06,738/-. Since the appellant has complied with all the provisions of section 80IB(11C), Hon ble CIT(A)-5, Vadodara allowed the appeal in favour of the assessee after due consideration of facts of the case and judicially applying his mind, therefore request your good selves to consider the facts and dismiss the appeal filed by the DCIT Circle1(2)(1), Vadodara. C.O. No.9/Ahd/2020 - A.Y. 2014-15 1 The assessment order of Learned Assessing Officer (LAO) i.e., Deputy Commissioner of Income Tax, Circle 1(2)(1), Vadoda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings, it was found that cash amounting to Rs.26,68,850/- was kept inside the premises. Statement of the assessee was recorded under Section 131 of the Act and the assessee was asked to clarify the source of the said cash and also to clarify whether the cash is reflected in the regular books of account of the Uro Care Hospital or not. In response to the same, the assessee submitted that the cash represents the receipts of M/s Uro Care Hospital, however, no books of account in respect of Uro Care Hospital were maintained during the F.Y. 2014-15 i.e. year of survey. Accordingly, the Assessing Officer issued notice u/s.153A of the Act dated 27.03.2015 requiring the assessee to furnish return of income within 30 days from the service of the notice. In compliance to the notice, the assessee filed his return of income under Section 153A of the Act on 23.04.2015 declaring total income of Rs.26,51,170/- after claiming deduction under Section 80IB(11C) of the Act of Rs.2,09,06,738/-. Subsequently, notices under Section 143(2) of the Act and under Section 142(1) of the Act were issued and duly served upon the assessee. The assessment under Section 153A read with Section 143(3) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taff will be supplied especially efficient Nurses and Doctors. 7. We have heard both the parties and perused all the relevant material available on record. From the perusal of the documents submitted before the Assessing Officer as well as before the CIT(A) it can be seen that the local authority i.e. Vadodara Municipal Corporation has issued certificate after verifying all the aspects related to 100 beds capacity in the Hospital and granted registration and permission to run the Medical Facility Centre (Hospital). Thus, there was no doubt as to the required condition of 100 beds Hospital in assessee s case as per the conditions laid down under Section 80IB(11C) of the Act. Besides this, the assessee has also submitted the Minutes of Understanding in respect of additional supply of expertise such as Doctors and Nurses with other Hospital. Thus, merely on the basis of statement which were later on retracted cannot be taken into account for determining not to grant deduction under Section 80IB(11C) of the Act to the assessee. The CIT(A) has rightly deleted this addition. Thus, IT(SS)A No.482/Ahd/2019 for A.Y. 2013-14 filed by the Revenue is dismissed. 8. As regards to Cross Obj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unted for. Ld. AR further submitted that the investment made by the assessee in bullion cannot be termed as unexplained investment under Section 69A of the Act. 13. The Ld. DR relied upon the Assessment Order and the order of the CIT(A). 14. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that bullion purchased by the assessee has been properly reflected in the books of account and the Balance Sheet with the detailed explanation given in Schedule-D. From the perusal of records, it can be seen that all the purchases made is in the cash mode still the bills were properly maintained by the assessee and the said evidence were produced before the Assessing Officer as well as before the CIT(A). Thus, the assessee has explained investments and also explained the conversion of that investment into jewellery in the later years. Thus, this cannot be termed as unexplained investment under Section 69A of the Act. The CIT(A) has overlooked the evidences produced by the assessee and hence appeal of the assessee being ITA No.1512/Ahd/2019 for the A.Y. 2015-16 is allowed. 15. In the result, all the three appeals filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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