9911796707
TMI Blog2023 (9) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... on ble Delhi High Court in Virgin Securities Credits (P) Ltd. [ 2011 (2) TMI 207 - DELHI HIGH COURT] Ld. CIT(A) was perfectly justified in admitting the additional evidence. Disallowance of 40% of total direct/indirect expenses and disallowance of claim u/s 80C - HELD THAT:- On the basis of evidence produced by the assessee and admittance thereof under Rule 46A of the Rules, the Ld. CIT(A) has deleted the above disallowances. Nothing has been brought on record by the Revenue to enable us to take a view different from that of the Ld. CIT(A). Accordingly, we reject the grounds related to deletion of these disallowances by the Ld. CIT(A) in both the AY(s). Addition on account of difference in opening stock of the current year and closing stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red in deleting the addition of Rs. 51,653/- on account of disallowance of assessee's claim u/s 80C of the IT Act." AY 2012-13 "1. On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 1,75,71,490/- on account of disallowance of 40% of total direct/indirect expenses. 2. On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 76,09,453/- on account of difference in the opening stock figure of current year with closing stock figure of previous year. 3. On the facts and circumstances of the case, Ld. CIT(A) erred in admitting the fresh/additional evidence under Rule 46A of the I.T. Rules, 1962 despite the fact that the A.O. had vide his reman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 51,653/- claimed under section 80C of the Act. For AY 2012-13 also statutory notices were not complied with resulting in ex-parte assessment framed on 26.03.2015 under section 144 of the Act on total income of Rs. 2,66,12,936/- including therein disallowance of Rs. 1,75,71,490/- being 40% of direct/indirect expenses claimed at Rs. 4,39,28,726/-; addition of Rs. 76,09,453/- being difference between opening stock of AY 2012-13 and closing stock of the preceding AY 2011-12 and disallowance of Rs. 51,653/- claimed under section 80C of the Act. 4. Aggrieved, the assessee filed appeals in both the years before the Ld. CIT(A) challenging the disallowances and addition made by the Ld. AO. 5. During appellate proceedings, the assessee filed additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 51,653/- claimed under section 80C in AY 2011-12 and 2012-13 made by the Ld. AO for want of proof, evidence was submitted before the Ld. CIT(A) regarding payment of LIC premium of Rs. 40,958/- (Rs. 25,000/- to Aviva Life Insurance & Rs. 15,958/- to LIC) and Tuition Fee of Rs. 10,695/-. The Ld. CIT(A) therefore deleted the impugned disallowance of Rs. 51,653/- under section 80C in both the AY(s). 5.3 Regarding difference of Rs. 76,09,453/- in opening /closing stock in AY 2012-13 added by the Ld. AO, the Ld. CIT(A) observed and recorded the following findings in para 4.5.4.7: "4.5.4.7. The AR has stated that the difference is nothing but due to clerical mistake in filing the ITR. Due to this even assessment year 2013-14 was under scrut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e right figure of closing stock in the Balance Sheet I.e. Rs. 1,25,99,480.00 (at point No. 3 of Application of Fund of Part A of BS of the said return of Income). Therefore, the AR of the appellant has argued that there was a mistake due to carelessness but there was no mala-fide intension on the part of the appellant. " 5.3.1 On consideration of the above submissions of the assessee and accepting the explanation the Ld. CIT(A) deleted the impugned addition. 6. It is against the aforesaid deletion of disallowances/addition by the Ld. CIT(A) that the Revenue is in appeal before the Tribunal in AY 2011-12 and 2012-13. 7. We have heard the Ld. Representative of the parties and perused the records. It is not in dispute that the assessment in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f claim under section 80C. On the basis of evidence produced by the assessee and admittance thereof under Rule 46A of the Rules, the Ld. CIT(A) has deleted the above disallowances. Nothing has been brought on record by the Revenue to enable us to take a view different from that of the Ld. CIT(A). Accordingly, we reject the grounds related to deletion of these disallowances by the Ld. CIT(A) in both the AY(s). 9. As regards the addition on account of difference in opening stock of the current year and closing stock of the preceding year, the Ld. CIT(A) has accepted the explanation offered by the assessee before him and deleted the addition. The explanation furnished by the assessee before the Ld. CIT(A) could not be faulted before us by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
