2021 (3) TMI 350

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.... 2 That on the facts and in the circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals)-25, Delhi has erred in confirming the disallowance of Rs. 10, 00,000/- made by AO on account of cash payment made for purchase of land at Ghaziabad, U.P. invoking the provision of section 40A(3) of the Act ignoring the fact that land shown in 'non-current investment' in Audited Financial Statements. 3 That on the facts and in the circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals)-25, Delhi has erred in confirming the disallowance of Rs. 10,00,000/- made by AO on account of cash payments made against the purchase of land at Bhiwadi, Rajasthan invoking the provision of section 40A(3) of ....

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....out of Rs. 12.87 crores). The Assessing Officer also disallowed Rs. 2,88,072/- u/s 14A of the Act. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. AR submitted that the CIT(A) erred in confirming the disallowance of Rs. 10 lacs made by the assessee on account of cash payment towards purchase of land at Ghaziabad, UP under the provisions of Section 40A(3) of the Act thereby ignoring the fact that land is shown in non current investment in the audited financial statements and not claimed as expenditure in P & L account. The Ld. AR further submitted that the CIT (A) erred in confirming the disallowance of Rs. 10 lacs made by the assessee....