2021 (3) TMI 351

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....antanu Jain, Adv. Respondent by: Shri Gaurav Dudeja, Sr.D.R. ORDER PER AMIT SHUKLA, JM The aforesaid appeal has been filed by the assessee against the impugned order dated 27.04.2017, passed by Ld. Commissioner of Income Tax (Appeals)-XXXV, New Delhi for the quantum of assessment passed u/s.143(3) for the Assessment Year 2012-13. In the grounds of appeal, the assessee has raised the fo....

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....urity expenses; and Rs. 6,13,705/- on electricity expenses, aggregating to Rs. 10,00,264/- incurred on factory premises. The AO noted that the assessee had sold its factory premises (unit-2) on 07.05.2012 for a sum of Rs. 8 crores for which assessee had received advance in cheques from January, 2012 to May, 2012. Thus, when factory was sold out, which means that the assessee has not carried out an....

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....ctory it was imperative to secure the stocks and the consequently electricity expenses of the factory premises till it was sold. Moreover, these expenditures pertain to Assessment Year 2012-13, i.e., Financial Year 2011-12 and the property was sold in the Financial Year 2012-13. Hence, it cannot be held that assessee had not incurred any expenditure during the relevant financial year when all the ....

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.... had received certain advances in the month of January and February, 2012. However, the sale deed was executed in the Financial Year 2012-13 and hence, it cannot be said that these expenditure were not incurred in F.Y. 2011-12. Even though assessee may not have full-fledged operations from the said factory, but if the factory was under the control of the assessee and certain stocks were lying, the....