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TMI Blog2024 (3) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... d there is no evidence whatsoever to show that the Jayant Nanda deposited cash before issuing cheque to the assessee. In our considered opinion the assessee successfully discharged the onus cast upon it by the provisions of section 68 of the Act and, therefore, the findings of the CIT(A) cannot be faulted. Ground No. 1 is dismissed. Disallowance u/s 14A - as per CIT(A) since the assessee has suo-moto disallowed sum u/s 14A the CIT(A) directed to restricted the disallowance of that amount - HELD THAT:- The Hon ble High Court of Delhi in the case of Cargo Motors Private Limited [ 2022 (10) TMI 571 - DELHI HIGH COURT] has held that only those investments were to be considered for computing average value of investments which yielded exempt inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are cannot be doubted. Since the assessee had purchased the shares @ 70.17 per share, the loss of the sale of share is a genuine loss and rightly allowed the CIT(A). No interference is called for. Ground No. 4 is allowed. - Sh. N. K. Billaiya, Accountant Member And Ms. Astha Chandra, Judicial Member For the Appellant : Sh. T. James Singson, CIT DR For the Respondent : Sh. U.N. Marwah, CA, Sh. Praveen Goel, Advocate ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-3, New Delhi dated 14.10.2019 pertaining to A.Y. 2016-17. 2. The grievance of the revenue read as under :- 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le of vegetables, car higher charges, income from Goa Villas and sale of old newspaper etc. 3. The return of income tax was filed on 17.10.2016 declaring income of Rs. 4,63,32,670/-. The return was selected for scrutiny assessment and accordingly statutory notices were issued and served upon the assessee. 4. During the course of the scrutiny assessment proceedings the assessee was asked to furnish details of sum of Rs. 13.25 lacs credited in the NRO account of Jayant Nanda from whom advance of Rs. 10 crores has been received against sale of villas. It was explained that the assessee has received Rs. 10 crores from Jayant Nanda who is a non resident and also submitted copy of agreements to sell two villas for which Jayant Nanda advanced Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt. The creditworthiness can be gathered from the bank account of Jayant Nanda in HDFC bank wherein the impugned transaction is reflected. The payments have been made out of clear credit balances and there is no evidence whatsoever to show that the Jayant Nanda deposited cash before issuing cheque to the assessee. 9. In our considered opinion the assessee successfully discharged the onus cast upon it by the provisions of section 68 of the Act and, therefore, the findings of the CIT(A) cannot be faulted. Ground No. 1 is dismissed. 10. Proceeding further the AO noticed that the assessee has made investments in shares and has claimed dividend income as exempt. Invoking the provisions of section 14A r.w.r. 8D. The AO computed the disallowance a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l High Court (supra) we do not find any reason to interfere with the findings of the CIT(A). This ground is also dismissed. 15. The third ground relates to the deletion of the addition of Rs. 17583247/-. 16. The under lying facts reveal that the assessee has other income of Rs. 86256643/- which also included dividend income of Rs. 32738237/-. The AO was of the opinion that the assessee in fact had other income of Rs. 53518406/-out of total profits of Rs. 82461276/- which constitutes 65% of total income. The AO found that the assessee has claimed expenses of Rs. 34401665/- and was of the firm belief that 65% of the same is attributable to income from house property and other sources and accordingly disallowed of Rs. 17583247/-. 17. The addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 500 equity shares of Kingfisher Airlines Ltd. purchased at a total cost of Rs. 250630012/-that is Rs. 70.17 per share. The assessee sold 2 lakh equity shares at Rs. 1 per share and claimed the loss. 23. The AO was of the opinion that since the assessee has not given the particulars of buyers to whom shares were sold the loss was disallowed. The action of the AO was challenged before the CIT(A). It was explained that the assessee has furnished complete details including name, address and PAN of the buyer alongwith bank statement / demat statement. 24. After considering the facts and the submissions and after verifying the documentary evidences the CIT(A) found that the assessee had sold shares through D-mat account to Virender Kumar Chanana ..... X X X X Extracts X X X X X X X X Extracts X X X X
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