TaxTMI 
TaxTMI 
2016 (5) TMI 492
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....der dated 26.10.2012 passed by the Commissioner of Income Tax (Appeals) {hereinafter referred to as the CIT(A)} whereby the assessment made by the Assessing Officer (AO) disallowing expenditure and depreciation to the tune of Rs. 1,30,01,214/- was deleted and further deleting the addition of Rs. 1,27,21,738/- made by the AO. 2. The assessment year in issue is 2008-09. 3. The appellant contends that the following substantial questions of law arise in the appeal:- A. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in dismissing the appeal of the Revenue and deleting the addition of Rs. 1,30,01,214/- made by the AO on account of disallowance of miscellaneous expenses and depreciation....
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.... had maintained a pool of staff/personnel for providing such services and maintained infrastructure for that. In support of the expenditure, the assessee filed copy of accounts of expenses incurred on hiring cars, rent paid, hiring personnel, furniture & fixtures, recruitment & training, miscellaneous expense, repair and maintenance, brokerage and commission etc. The CIT(A) noted from the accounts that full narration of the expenses was given date wise and person wise. 6. The CIT(A) held that it reasonably established that these expenses had been incurred by the assessee for running its business and further noted that these expenses were necessary for running any business establishment and in the absence of these expenses an establishmen....
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....he AO as undisclosed income of the assessee. 9. The CIT(A) noted that the interest on time deposits shown by the assessee in the accounts on accrual basis was for the purpose of closing of quarterly results. The accrual entries made in the accounts were subsequently reversed and the actual interest income earned by the assessee was duly accounted for. It is noted that the entries totalling to Rs. 1,27,21,738/- were memorandum entries and had no relation with the actual interest earned. The CIT(A) held that there was no suppression of income accrued on the fixed deposits (FDs) and the entire income received had been offered to tax. The addition of Rs. 1,27,21,738/- was accordingly deleted. The Tribunal has confirmed the order passed by th....
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.... accrued on time deposits upto 30.09.2007 as per the FD Details attached 11/30/2007 Interest accrued on Time Deposits Journal 898 Rs. 24,62,284.00 Being interest accrued on time deposits upto 30.11.2007 as per the FD Details attached 12/20/2007 Interest accrued on Time Deposits Journal 1007 Rs. 21,13,817.00 Being interest accrued on time deposits upto 20.12.2007 as per the FD Details attached 12/28/2007 Interest accrued on Time Deposits Journal 1092 Rs. 29,11,075.00 Being interest accrued on time de....
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.... Being interest accrued on time deposits upto 28.12.2007 as per the FD Details attached, now reversed 1/1/2008 Interest accrued on Time Deposits Journal 1139 Rs. 21,54,406.00 Being interest accrued on time deposits upto 31.12.2007 as per the FD Details attached, now reversed 12. We find merit in the submission of the learned counsel for the assessee that the credit journal entries made as accrual of interest were made for the purpose of closing of quarterly results. The entries have been reversed and the interest actually received has been offered to tax. It is not the case of the appellant that the actual interest income....