TaxTMI 
TaxTMI 
2017 (8) TMI 951
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.... erred in ignoring material available with him and disallowed expenses ignoring the nature thereof, audit report, books of accounts and submissions filed. 2. 0n the facts and in the circumstances of the case and in law the Learned Assessing Officer and learned CIT(A) erred In treating sales consideration of property at arbitrary higher value by 33 %. 3. 0n the facts and in the circumstances of the case and in law the Learned Assessing Officer erred in adding same income twice - interest income first by treating business loss as nil (wherein interest income is reflected) and then by considering under the head 'income from other sources'. 4. 0n the facts and in the circumstances of the case and in law the Learned Assessing Officer erred In denying claim of carry forward of unabsorbed business loss of prior year (AY 2009-10) of Rs. 8,76,014/-." 3. At the outset, we find that this appeal is filed late by 146 days by the assessee, beyond the time period stipulated for filing of appeal u/s 253(3) of the 1961 Act. The assessee has duly filed three affidavits all dated 19.06.2017, one by Sh. Sanjay N. Hamlai, Director of the assessee company and other two from the employees of ....
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....f evidences placed on record, which in our considered view in the instant case based on factual matrix as is emerging from records is a sufficient cause which prevented the assessee from filing this appeal in time before the tribunal as stipulated and mandated u/s 253(3) of 1961 Act and under these circumstances keeping in view substantial interest of justice vis-à-vis technicalities, we are inclined to condone delay of 146 days in filing this appeal by the assessee beyond the time stipulated u/s 253(3) of 1961 Act, more-so the Revenue has not brought any material on record to controvert stand and claims of the assessee. Thus, we admit this appeal and proceed to decide this appeal on merits. We order accordingly. 4. At the time of opening of the argument itself by learned counsel for the assessee before the Bench, it was made clear by learned counsel for the assessee that the assessee does not wish to persue ground no 3 and 4 raised by the assessee in memo of appeal filed with the tribunal which may be dismissed as not pressed. The learned DR submitted that Revenue has no objection if ground no 3 and 4 raised by the assessee in memo of appeal filed with the tribunal is dism....
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....s now also agreed by both the parties that Revenue has not come in appeal before the tribunal against the part relief granted by learned CIT(A) vide his appellate orders dated 28.01.2016. It was observed by the A.O. during the course of reassessment proceedings that the assessee company is stated to be engaged in the business of purchase and sale of foreign exchange and also in the business of tours and travels booking etc. from their branches at Sahar, Pune, Hyderabad, Surat, Mulund etc. It was observed by the AO that all the businesses of the assessee had been closed around June-July of 2007 itself. The assessee claimed certain expenses under the head administrative expenses to the tune of Rs. 9,90,825/-, which is presently in dispute before us to the limited extent of upholding of disallowance of Repair and Maintenance expenses to the tune of Rs. 2,50,000/- by the learned CIT(A). The A.O. disallowed the said expenses as the assessee has not conducted any business activity as it is admitted by the assessee that the assessee's business was closed on or after around June/July 2007. Thus, keeping in view the fact that the business of the assessee was lying closed, the A.O. disallow....
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....es, Revenue has not filed an appeal with the tribunal against the relief granted by learned CIT(A). The expenditure incurred on account of donations, depreciations, repair and maintenance amounting to Rs. 5,95,531/- (Rs. 65,000/- + Rs. 2,80,531/- + Rs. 2,50,000/- ) were not allowed by the ld. CIT(A). While disallowing repairs and maintenance expenses to the tune of Rs. 2,50,000/-, learned CIT(A) held that these are capital expenditure incurred by the assessee as also no details as to nature of work and mode of payment were furnished by the assessee. The assessee had submitted one receipt issued by Mr B K Shah for an amount of Rs. 2,50,000/- which did not had any proper details as it was only mentioned in the invoice "work done at your premises Tiling Work, writing work, flooring work- Rs. 2,50,000/-". The assessee had submitted that it only want to agitate the disallowance of Rs. 2,50,000/- by learned CIT(A) claimed to be incurred towards repairs and maintenance and rest of disallowance confirmed by learned CIT(A) is accepted. Similarly, with respect to the short term capital gain on sale of premises, the ld. CIT(A) confirmed the addition made by the A.O. by invoking provisions of....
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....al gains by invoking provisions of Section 50C of the 1961 Act, wherein it was submitted before us that the assessee had sold immovable property for an amount of Rs. 1.30 crores, while the ready reckoner rate as adopted by stamp duty valuation authorities of the State Government was Rs. 1,44,40,147/- which was adopted by the A.O. as full value of the consideration of the said property for computing capital gains by invoking provisions of Section 50C of the 1961 Act, as property was sold for Rs. 1.30 crores which was lower than ready reckoner rate of Rs. 1.44 crores. The learned counsel for the assessee submitted that the assesssee has made request before learned CIT(A) to refer the matter to DVO for valuation of the property by invoking provisions of Section 50C(2) of the 1961 Act but the said request was rejected by learned CIT(A) on the grounds that the assessee did not made the request before the AO during assessment proceedings and such request cannot be made at appellate stage. It was prayed that the matter may be set aside and restored for de-novo determination of the issue on merits in accordance with provisions of Section 50C(2) wherein reference be allowed to be made to DV....
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.... work and mode of payment were furnished by the assessee. The learned CIT(A) observed that the assessee had submitted one receipt issued by Mr B K Shah for an amount of Rs. 2,50,000/- which did not had any proper details as it was only mentioned in the invoice "work done at your premises Tiling Work, writing work, flooring work- Rs. 2,50,000/- "The assessee had claimed to have filed additional evidences before learned CIT(A) which were not forwarded by learned CIT(A) to the AO for examination and verification before adjudicating appeal and no remand report was called by learned CIT(A) from AO as required u/r 46A of the 1962 Rules. In the interest of justice and fair play, we deem it fit to restore the matter back to the file of the A.O. for de novo determination of the issue on merits after considering the additional evidences and submissions of the assessee in accordance with law. The assessee is directed to produce all relevant evidences/ explanations before the AO to support its contentions, which shall be admitted by the AO in the interest of justice and adjudicated on merits in accordance with law. Needless to say that the AO shall provide sufficient and adequate opportunity o....