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TMI Blog2024 (9) TMI 1101X X X X Extracts X X X X X X X X Extracts X X X X ..... y it is established that there was no amount due to the financier from the assessee, hence the AO treated the same as unexplained income. In our observation, this information is correct but the interpretation taken by the AO is incorrect as the same amount received from NBFC/M/s. MMFSL, but belongs to the customers on whose behalf the assessee received the same and in very next year disclosed the same in its turnover. Clearly, it s a case of an inadvertent error in classification and has no bearing on the revenue or tax liability of the assessee. Disallowance u/s. 38(2) - depreciation on car presuming, element of personal use by the directors of the company - HELD THAT:- On this issue the position of law is very clear that no disallowance c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in the circumstances of the case, the ld. CIT(A) erred on facts and in law in confirming the addition of Rs. 17,60,151/- made by the A.O. as unexplained credit on the basis of third party statement in spite of reconciliation, which is unjustified, arbitrary, and unwarranted and deserved to be deleted in Toto. 4. That on the facts and in the circumstances of the case, the ld. CIT(A) erred on facts and in law in confirming the action of the A.O. in treating the amount at Rs. 17,60, 151/- as unexplained income of the assessee company which is erroneous and without appreciating the facts in its entirety 5. That on the facts and in the circumstances of the case, the ld. CIT(A) erred in confirming the action of the Assessing Officer in making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... customers from a NBFC i.e. Mahindra Mahindra Financial Services Ltd. (MMFSL). During the year under consideration, assessee received an amount of Rs. 17, 60,151/- from MMFSL on behalf of its customer to whom the sale of tractor has been made in the subsequent financial year. We have examined the balance sheet, ledger account and reconciliation submitted before us vide page no. 2 to 21 of paper book. 5. One factual situation we observed out of the orders of authorities below and submissions of the assessee that the amount shown as sundry creditors has been declared as sales in the next year and there is no challenge to this fact. Another point which emanated from the documents before us is that amount of Rs. 17, 60,151/- which has been shown ..... X X X X Extracts X X X X X X X X Extracts X X X X
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