TaxTMI 
TaxTMI 
2021 (1) TMI 33
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....n upholding the order of the Ld. AO who had made addition of Rs. 40,42,376/- being the difference between the salary income stated in Form 26AS and the income declared by the assessee in the return of income. (ii) The Ld. CIT (A) has erred in upholding the order of the Ld. AO who had not granted an opportunity to the assessee to file the rectified Form 26AS where in the income from consultancy of Rs. 20,99,013/- was clearly stated. (iii) The Ld. CIT (A) has erred in upholding the order of the Ld. AO who had erroneously treated the interest income of the assessee as income from consultancy (iii) The Ld. CIT (A) has erred in upholding the order of the Ld. AO who had disallowed the claim of deduction towards interest on housing loan of R....
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....he order of the Ld. CIT (A) on the issue. Further, with respect to the Ground No. (ii), (iii) & (iv) also we hereby remit the matter back to the file of the Ld. AO for de novo consideration thereby granting the assessee with one more opportunity of being heard in order to furnish all the relevant particulars before the Ld. AO to argue his case because on the earlier occasion the assessee was unable to appear before the Ld. AO due to which the Ld. AO was left with no other option but to pass an ex-parte order. We also hereby direct the Ld. AO to admit any fresh evidence submitted by the assessee on these issues and decide the matter afresh in accordance with law and merit. Ground No. (i): Addition due to difference of income stated in Form ....
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....es on the issue. After hearing both the sides, we find merit in the submission of the Ld. AR. It is not in dispute that the amount received by the assessee of Rs. 35,31,392/- is from consultancy services. For rendering such services, it is obvious that the assessee would have definitely incurred expenditure. Therefore, considering the facts and circumstance of the case it would be appropriate and just to estimate the expenditure and thereafter determine the taxable income of the assessee. Further taking cue from the provisions of section 44ADA of the Act (though it was inserted by finance Act 2016 w.e.f. 1/4/2017), We are of the considered view that in the peculiar circumstances in the case of the assessee 50% of the gross consultancy recei....