TaxTMI 
TaxTMI 
2016 (3) TMI 116
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....g an additions of cash credits U/s 68 amounting to Rs. 2,73,874/- 4. Considering the facts and material evidences submitted before learned A.O. as well CIT(A) and Paper Book the additions of Rs. 2,73,874/- confirmed by learned CIT(A) be deleted. 5. That the appellant has established the identities, genuineness of transactions and creditworthiness of depositors/donors, however, on unwanted grounds and facts, the additions confirmed by learned CIT(A) requires to be deleted. 6. That the learned CIT(A) has confirmed the disallowance of expenditure of Rs. 9,625/- out of total expenditure of Rs. 49,697/- + Rs. 46,556/-) = Rs. 96,253/- on ad -hoc basis which is not legal and valid in law which deserves to be deleted. 7. That the expenditure disallowed of Rs. 9,625/- on adhoc basis is neither capital expenditure nor in the nature of personal and hence disallowance of expenditure of Rs. 9,625/- confirmed by CIT(A) b deleted. 8. That the appellant has not committed default of Sec. 139(1), however, finding is given for charging interest U/s 139 and also for charging of interest U/s 234A, 234B, 234C and 234D even though appellant has not committed d....
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....he CIT(A) has been opposed before us on behalf of the assessee, inter alia, submitted that the CIT(A) erred in confirming an addition of Rs. 1,59,459/- made by the Assessing Officer holding it as nonexistent liabilities and by applying Sec. 41(1) of the Act. The ld. Authorized Representative for the assessee further submitted that the CIT(A) erred in confirming the addition of Rs. 1,59,459/- made by Assessing Officer without considering the objections raised by the assessee; so he pleaded that the addition in question may be deleted. On the other hand, ld. Departmental Representative supported the order of the lower authorities. 2.2 After going through the rival contentions and material available on record, I find that the assessee had claimed to sold PP/HDPE sacks to M/s. A One Chemicals, Ankleshwar and M/s. Anmol Chemicals, Gandhinagar through M/s. Dharini Packaging which aggregated to Rs. 2,15,994/-. These parties had not cleared the dues on the ground that the money had been paid to M/s. Dharini Packaging. The assessee was thus not required to pay anything to M/s. Dharini Packaging and therefore, the liability actually ceased to exist and the same was rightly added to the in....
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....s made addition against which the present appeal is filed and item wise submissions and along with it documentary evidences have been filled before learned A.O. and the copies of the same is enclosed.: 1. Rs. 1,874/- - This amount is Opening Balance in Savings Bank Account and brought in books of account by the appellant. Even though the learned A.O. has added the said amount holding it as cash credit which deserves to be deleted. The Xerox copy of Bank Statement is enclosed and considering the same, addition deserves to be deleted. 2. Rs. 17,000/- - credited out of personal savings made by withdrawal made in earlier years and the cash of personal savings is deposited in my Bank Account with Punjab National Bank. I am residing with my parents and household expenses is borne by him and so whatever cash is available with me about Rs. 17,000/- was deposited in Bank Account which please note. My old Capital balance is Rs. 4,44,683/-. I am doing business with small capital and therefore for making payments to the traders/Creditors I have to borrowed loans from my relatives and friends and secondly I am unmarried doing business since last so many years and therefore the....
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.... his gift is filed before learned A.O. and without disproving it the addition made by learned A.O. deserves to be deleted. The confirmation is given by his son Hetal Dilip Doshi as Dilip Kantilal Doshi has expired, considering the confirmation, the addition deserves to be deleted. The appellant being a son of sister of donor and out of natural love and affection and being a custom in the Hindu Religion that sister is not getting any right in the house from where she was born and brought up and therefore this is a gift made by him during his life time before his death and therefore considering the facts and circumstances of the case, the addition deserves to be deleted. As far as the amount of Rs. 1,874/- was concerned, it was stated to be the opening balance in the bank account and brought in book of account by the assessee. The CIT(A) did not agree with the contention of the assessee because there was no withdrawal of this amount from the bank and therefore, he was of the opinion that it was required to be added back as unexplained cash credit. The CIT(A) further observed that there was no evidence of personal saving of Rs. 17,000/- made by withdrawal of earlier years. This amo....