9911796707
TMI Blog2022 (11) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... nge in the facts. The Revenue has not been able to rebut the above observations of the First Appellate Authority. We find no reason to interfere with the finding of the CIT(A) on this issue. Accordingly, ground No. 4 and 5 of the appeal are dismissed. Deduction of education cess - HELD THAT:- We find that the Co-ordinate Bench has held that the Explanation 3 inserted by the Finance Act 2022 is effective retrospectively from 1st April 2005, hence, the assessee is not entitled for deduction of education cess. In light of above and the statement made by AR of the assessee, the Revenue succeeds on ground No. 6 of the appeal. Ground of appeal as emanate from the additions made in the assessment order passed under section 143(3) read with section 153A - claim of ESOP expenses - HELD THAT:- A perusal of the assessment orderassed under section 143(3) read with section 153A of the Act, reveals that there is no discussion in respect of ESOP expenses. However, while computing total income, the AO has taken total income as determined in the assessment order passed u/s 143(3) - AR has pointed that in assessment order passed u/s 143(3) of the Act, the AO had made addition, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the search in the case of the Indiabulis Group. 2) On the facts and in the circumstances of the case and in law, whether the Teurond CIT(A) is justified in relying upon the decision of the Hon'ble Income Tax Settlement Commission under section 245D(4) of the Income tax Act, 1961, dated 30.04.2019, in the case of le other Indiabulls Group entities which has been challenged before the Hon'ble High Count by the revenue, in Writ Petition No. 330 of 2020, as these 16 entities of the Indiabulls Group had not made true and full disclosure before the Hon'ble Commission? 3) On the facts and in the circumstances of the case and in law, the learned CITA) has erred in holding that all the entries of the Cash Transaction Record has been offered by the 16 entities of the Indiabulls Group, which had filed applications before the Hon'ble Income Tax Settlement Commission, without quantifying and identifying which of the 16 entities, who were before the Hon'ble Income tax Settlement Commission offered the income relevant to the entries found in the name of the assessee 4) On the facts and in the circumstances of the case and in law, the learned CIT(A) has err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Department in appeal ITA No. 496/MUM/2022 (Supra). The facts germane to the issue are identical except the amount. The Tribunal upheld the findings of the CIT(A), and dismissed the grounds raised in appeal by the Revenue. The relevant extract of the observations by the Co-ordinate Bench are as under: 4.We have heard the rival contentions. We have also perused the orders of the lower authorities. Ground no.1 to 3 relates to the addition of ₹70,000/- as unexplained expenditure. We find that identical issue arose in the case of the assessee for A.Y. 2011-12, the learned CIT (A) has deleted the identical addition, the facts in paragraph no. 7.5 of the assessment order shows that the above entries on which the addition has been made were duly recorded in the regular books of account of the assessee and assessee also produced the copies of the relevant books of account showing the withdrawals and deposits. The learned Assessing Officer did not believe the same because of the difference in narration in the bank account. We find that there are identical expenditure which are held to be unexplained expenditure for seven years which has been deleted by the learned CIT (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the CIT(A) on this issue. Accordingly, ground No. 4 and 5 of the appeal are dismissed. 9. In ground No. 6 of appeal, the Revenue has assailed findings of the CIT(A) in allowing deduction of education cess. The learned AR fairly stated that this issue has been decided against the assessee by the Tribunal in an appeal by the Revenue in ITA No. 496/MUM/2022 (Supra). 10. We find that the Co-ordinate Bench has held that the Explanation 3 inserted by the Finance Act 2022 is effective retrospectively from 1st April 2005, hence, the assessee is not entitled for deduction of education cess. In light of above and the statement made by AR of the assessee, the Revenue succeeds on ground No. 6 of the appeal. 11. In the result, appeal of the Revenue is partly allowed. ITA No. 1433/MUM/2022 A.Y. (2011-12) 12. This appeal by the Revenue is against the order of Commissioner of Income Tax (Appeals) 54 Mumbai [hereinafter referred to the CIT(A) ] dated 20/10/2021 for assessment year 2011-12. 13. We find that, the grounds raised by the Revenue in appeal are identical (except for the amounts) to the grounds raised in appeal in ITA No. 1414/MUM/2022 (Supra). Both sides are unani ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
