9911796707
TMI Blog2022 (12) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee claimed expenses as reimbursable being amount spent on behalf of M/s. FKIPL. These expenses were directly debited in M/s. FKIPL account and not to Profit Loss A/c. The reimbursement of expenses received from M/s. FKIPL have been treated as unaccounted expenditure by Revenue. We, however, on perusal of the submissions of the assessee made before the ld. CIT(A) find merit and hold that no such addition was called for as these are merely reimbursement of expenses, which the assessee has incurred on behalf of M/s. FKIPL and got it reimbursed but not debited to the P/L account. Thus, finding of ld. CIT(A) is reversed. Ground no.2 raised by the assessee is allowed. Addition for concealed interest - HELD THAT:- We observe that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a housing loan and interest paid thereon is subject to deduction u/s. 2(24)(b) of the Act against rental income. We are of the considered view that the assessee deserves for deduction u/s. 24(b) of the Act of the interest paid on having loan - We accordingly reverse the finding of the ld. CIT(A) and delete the addition of Rs.4,62,710/-. Ground no. 4 raised by the assessee is allowed - ITA No. 578/Kol/2022 - - - Dated:- 13-12-2022 - Shri Manish Borad , Hon ble Accountant Member For the Appellant : Shri Amit Sharma , Ld. AR For the Respondent : Shri Ranu Biswas , Addl. CIT / Ld. DR ORDER The instant appeal of the assessee for the assessment years 2009- 10 is directed against the order dt. 23-08-2022 passed u/s. 250 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. Brief facts of the case are that the assessee is an individual, carrying on business as C F agent in the name of M/s. Fresnius Karl India Pvt. Ltd. (M/s. FKIPL). Loss at Rs.97,160/- declared in the return filed for the AY 2009-10 on 27-09-2009. Case selected for scrutiny through CASS followed by serving of notices u/s. 142(1)/143(2) of the Act. The ld. AO examined various transactions along with commission income earned and expenditure claimed during the year. The assessee being C F agent of M/s. FKIPL information was called for u/s. 133(6). Thereafter, the ld. AO considered the submissions made by the assessee and assessed the income at Rs. 5,83,860/- after making various additions. 4. Aggrieved, the assessee preferred app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue. We, however, on perusal of the submissions of the assessee made before the ld. CIT(A) find merit and hold that no such addition was called for as these are merely reimbursement of expenses, which the assessee has incurred on behalf of M/s. FKIPL and got it reimbursed but not debited to the P/L account. Thus, finding of ld. CIT(A) is reversed. Ground no.2 raised by the assessee is allowed. 9. Ground no. 3 it relates to addition for concealed interest of Rs. 30,082/-. We observe that the assessee received Rs.26,984/- net of TDS during FY 2008-09, which was related to FY 2007-08. The assessee filed necessary details before the ld.AO to show that the alleged interest on security of Rs.30,082/- relates to FY 2007-08 and the same was du ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
