TaxTMI 
TaxTMI 
2018 (4) TMI 323
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....er section 143(3) of the Income Tax Act, 1961(hereinafter 'the Act'). 2. The first issue in this appeal of assessee is as regards to the order of CIT(A) confirming the disallowance made by AO of expenses on adhoc basis. For this assessee has raised the following ground No. 1: - "1. On the facts and circumstances of the case and in law, the authorities below have erred in disallowing/confirming a sum of Rs. 28,00,000/- from. out of Repairs and Maintenance, Sales promotion, travelling expenses, Conveyance Expenses and Other Expenses aggregating to Rs. 2,80,19,965/- on ad-hoc basis, and the reasons assigned by them were wholly wrong and not in accordance with the provisions of Income Tax Act, 1961 and rules made thereunder." 3. ....
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....11 of its paper book and stated that there is no other expense head whereby AO has taken the figure of 251.96 lakhs for making this disallowance. The learned Counsel for the assessee stated that reasonable disallowance can be made. When this fact was pointed out to the learned Sr. Departmental Representative, he after going through the schedule 11 could not point out which is the item that included as other expenses by the AO amounting to Rs. 251.96 lakhs. 5. We have also gone through the schedule 11 and noted that there is no such expenses as other expensed noted by AO amounting to Rs. 251.96 lakhs. Hence, on this amount no disallowance can be attributed. As regards to these expenses i.e. repair and maintenance, sales permission, travel....
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....the case and in law, the authorities below have erred in disallowing/confirming a sum of Rs. 1, 90,14,441/- u/s 69C of the I T Act being unexplained cash credit from out of unsecured loans and the reasons assigned by them were wholly wrong and are vehemently denied which are not in accordance with the facts of the case and against the provisions of Income Tax Act and rules made thereunder." 9. Brief facts are that the AO noted from the balance sheet of the assessee that the assessee has taken unsecured loan of Rs. 5,90,14,441/-. Before CIT(A), the assessee has contended that the said amount of Rs. 5,90,14,000/- is coming from previous years continuously under the head inter corporate deposits and loans in the balance sheet since 2002. Th....
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....s to whether this amount was debited in the present assessment year 2011-12 or has been continuously been debited in various assessment years in different installment / different amounts and if the appellant has been debiting the amount of interest provision by spreading in various assessment years, the same will required to be re-opened as per the time limit prescribed by IT Act, 1961. As of now, in the absence of an break up figures regarding R.190.14 lacs, I am constrained to confirm the additions in the form of disallowances as indicated above." 11. Further, as regards to the interest on loan amounting to Rs. 190.14 lakhs, the CIT(A) directed the AO to verify from records as to whether this amount has been debited to the present AY o....