TaxTMI 
TaxTMI 
2016 (3) TMI 497
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....00/; and e) Disallowance of telephone expenses Rs. 1,61,044/-. 2. The assessee is a dealer in Electronics goods. A survey action u/s 133A of the Act was conducted in the business premises of the assessee on 2.1.2005. During the course of survey action, excess stock valued at Rs. 14,83,851/- was found. During the course of assessment proceedings, the AO assessed the same as income of the assessee. Besides above, the assessing officer also disallowed a part of expenses claimed by the 2 5512/M/2010 assessee. The assessee could not succeed in the appeal filed before the ld. CIT(A) on all the issues and hence the assessee has filed this appeal before us. 3. The first issue relates to the additions pertaining to excess stock found duri....
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....the excess stock found during the course of search does not belong to it and the said contentions have been rejected by the tax authorities for want of documentary evidences. Now, the assessee has filed certain additional evidences, in the form of affidavits claimed to have been obtained from the original owners of the stocks, to substantiate its claim. Since the assessee has obtained the affidavits only recently, in the interest of natural justice, we are of the view that the assessee's prayer for admission of the additional evidences should be accepted. Accordingly, we admit the additional evidences and since they require proper examination, we set aside the order of the ld. CIT(A) in respect of the additions covered by the affidavits giv....
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....does not refer the name of the assessee and secondly the assessee could not explain as to how these items passed through the Customs gate and entered into India. Even though the assessee submitted that the local representative of M/s ADAM Germany has placed the instruments, yet no documentary evidence to support the said claim was furnished. Hence, the contentions urged by the assessee with regard to these two items are also not acceptable. Accordingly we reject the same and accordingly confirm the additions relating thereto. 7. The assessee did not furnish any explanation with regard to the remaining items of instruments. Accordingly, except four items (covered by three affidavits), which have been restored back to the file of the ....
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.... on this issue. The assessee has stated that one concern has stopped its business activities, even though its registered address is continued with the same premises. It was further stated that another concern has accounted for certain expenses. With regard to the assessee herein, it was stated that it is occupying maximum space, meaning thereby most of the expenses stated above have been incurred for the purpose of business of the assessee. We notice that the 6 5512/M/2010 tax authorities have allocated the expenses in equal proportions and accordingly disallowed 75% of the amount claimed by the assessee. There should not be any doubt that the admissibility of the expense should be examined from the point of view of the assessee by consider....