TaxTMI 
TaxTMI 
2021 (10) TMI 494
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....ssly erred in dismissing the appeal of the appellant filed against disallowance of professing fees of Rs. 8,00,000/- as made by the learned AO after treating the income disclosed by the appellant firm as unexplained cash credit." 2. Brief facts of the case are that assessee is a firm and engaged in business of a builder and developer. The assessee filed its return of income for assessment year 2013-14 on 25.09.2013 declaring total income of Rs. 7,92,54,000/-.The case was selected for scrutiny. During assessment, the Assessing Officer noted that a search and seizure action was carried in case of Shri Lavjibhai Daliya and Shri Jyantibhai Babaria group on 17.07.2012. During the course of survey, the partner of assessee disclosed additional u....
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....he action of Assessing Officer was upheld. Thus, further aggrieved the assessee has filed present appeal before us. 3. We have heard the submission of Ld. Authorized Representative (AR) represent assessee and Ld. Departmental Representative (DR) for the Revenue. Ld. AR of the assessee submits that assessee-firm paid the professional fees of Rs. 8.00 lakh after deducting Tax at Source (TDS) and credited to their accounts. The Ld. AR of the assessee furnished the copy of 26AS Form of Chartered Accountant (CA) of S.N.K & Co. The Ld. AR of the assessee submits that the fees were also paid by assessee-firm to a professional firm in financial years 2013-14 and 2015-16 respectively. The Ld. AR submits that professional fees paid by the assessee-f....
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....ement the assessee has not claimed any expenses against such unaccounted income. The income was declared over and above the regular income. The assessee is not entitled for claiming the expenses of professional fees. The Ld. DR for the revenue prayed for dismissal of the appeal. 5. We have considered the rival submission of both the parties and have gone through the order of authorities below. We find that there is a very narrow dispute in the present appeal for our consideration is whether the assessee can claim expenses of professional fees against the additional unaccounted income disclose during the survey. There is no dispute that during the survey, the statement of partners of assessee was recorded. During the statement the partners ....