9911796707
TMI Blog2024 (8) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... Parliament Street, New Delhi. These details are available in the bank statement of State Bank of India for F.Y. 2006-07 which was available before the revenue authorities. Since, the payment pertain to interest and other financial expenditure as can be examined from the bank statement of SBI, we hold that the disallowance made by the AO is not justified and therefore, liable to be deleted. Disallowance of depreciation claimed - Depreciation is an allowance and not an expense - HELD THAT:- Audited Balance Sheet and Tax Audit Report were furnished during the course of assessment proceedings. Tax audit report reveals claim of the depreciation as certified by the auditor. Even, the AO could have verified the claim of depreciation from the last ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... justice. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the books of the assessee invoking provision of section 145(3) of the Income Tax Act. 4. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 3,50,75,638/- made by AO on account of financial expenses by the assessee. (ii) That the disallowance has been confirmed rejecting the explanation and documents submitted by the assessee. (iii) That the disallowance has been confirmed despite the fact that these expenses have been incurred solely and exclusively for the purpose of business activities. 5. (1) On the facts and circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated as assessee in default and hence no disallowance can be made under section 40(a)(ia) of the Act. 8. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 6,50,038/- made by AO on account professional charges invoking the provision of section 40(a)(ia) of the Income Tax Act, 1961. (ii) That the disallowance has been confirmed ignoring the proviso to section 40(a)(ia) whereby deductee having including the income in its return of income the assessee cannot be treated as assessee in default and hence no disallowance can be made under section 40(a)(ia) of the Act. 9. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 Commissioner of Income Tax (Appeals) passed order u/s 250 31.07.2012 Appeal partly allowed Order passed by the Hon ble ITAT in ITA No. 5600/DEL/2012 14.03.2014 Set aside to the file of Assessing Officer Assessment order passed under section 143(3)/254 31.03.2016 Rs. 1,88,65,040/- Commissioner of Income Tax (Appeals) passed order u/s 250 29.03.2019 Appeal dismissed Details of additions sustained Particulars Amount 10% of Manufacturing, Administration, selling and other expenses 50,73,548/- Financial Expenses 3,50,75,638/- Expenses Payable 21,99,656/- Commission + Brokerage 19,89,551/- Professional Charges 6,50,038/- Purchases - 5% of Total Purchases 5,00,05,297/- Depreciation 82,17,416/- Total 10,32,11,144/- 4. The Co-ordinate Bench of IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at factory was under the possession of the bank and other records were lost for which FIR was lodged in the police station Bhiwadi (Rajasthan). The Assessing Officer did not appreciate that interest and other financial charges were paid to State Bank of India. 12. However, it is a fact on record that the relevant details and bank statement were filed during the assessment proceedings. 13. From the attached details, it is clear that the Appellant paid interest, financial expenses to State Bank of India, Overseas Branch, Parliament Street, New Delhi. These details are available in the bank statement of State Bank of India for F.Y. 2006-07 submitted at page 27 to 213 of the paper book which was available before the revenue authorities. Since, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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