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TMI Blog2025 (1) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee invited our attention to Note-9 containing details of the short-term loans and advances wherein also, the same figures have been mentioned. Copy of the bank account of HMP Ltd. reflecting the transaction of Rs. 1 Crore on 22.07.2016 and paperbook showing the corresponding receipt/deposits of Rs. 1 Crore in the bank account of the assessee. The ld. AO thus, totally ignored the aforesaid factual evidence on the file produced by the assessee. CIT(A) has merely paraphrased the findings of the ld. AO without making any effort to appreciate the reply and evidences furnished by the assessee.Thus, addition made by the lower authorities on this issue is not sustainable. Addition u/s 14A - addition on account of estimated income from investm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er referred to as ld. 'AO') that allegedly the assessee did not comply with notice u/s 142(1) of the Income Tax Act, 1961 (in short the 'Act') and therefore the assessment order had to be completed u/s 144 of the Act. Thereafter, the ld. AO proceeded to make additions on account of unexplained receipt of Rs. 1 Crore and an addition of Rs. 16,74,712/- on account of estimated income from investments. 1.2. Thereafter the assessee approached the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as ld. 'CIT(A)'] where both the additions were confirmed on the ground that though the assessee had contested the additions to income but allegedly had not filed any supporting documentary evidences even be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on which the case was selected for scrutiny were as have been mentioned (supra). The ld. Counsel for the assessee has duly demonstrated that the assessee had duly replied and furnished the relevant documents in relation to both the issues. It was explained that the aforesaid amount of Rs. 1 Crore was out of the earlier security deposits which were received back in the year under consideration. The ld. Counsel for the assessee in this respect has invited our attention to page 22 of the paperbook which is a copy of the balance sheet as on 31.03.2017, wherein, short-term loans and advances as on 31.03.2016 have been mentioned at Rs. 1,00,25,000/- whereas, the same were at Rs. 25,000/- as on 31.03.2017. The ld. Counsel for the assessee invite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... com 118/234 Taxman 761/378 ITR 33 (Delhi), CIT v. Shivam Motors (P.) Ltd. [2015] 55 taxmann.com 262/230 Taxman 63 (All.), CIT v. Corrtech Energy (P.) Ltd. [2014] 45 taxmann.com 116/223 Taxman 130/[2015] 372 ITR 97 (Guj.), CIT v. Ashika Global Securities Ltd. [GA No. 2122 of 2014, dated 11-6-2018], Redington India Ltd. v. Addl. CIT [2017] 77 taxmann.com 257/392 ITR 633 (Mad.) wherein, the Hon'ble High Courts have held that if the assessee during the year has not earned any tax exempt income, no disallowance u/s 14A of the Act will be warranted. In view of this, addition on this score is also not sustainable and the same is ordered to be deleted. 4. In the result, the appeal filed by the assessee stands allowed. Order pronounced in the op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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