2022 (3) TMI 1400

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....osed to law, equity and weight of evidence, probabilities, facts and circumstance of the case. 2. The appellant denies itself liable to be assessed over and above the returned income by it on the facts and circumstances of the case. 3. The learned Commissioner of Income-tax [Appeals] failed to appreciate that the amount collected from punters for disbursement as dividend to punters stands diverted at source by virtue of overriding title on the facts and circumstances of the case. [i]. The learned Commissioner of Income-tax [Appeals] failed to appreciate that the totalizator collection from the punters stands diverted at source for disbursement to dividend to punters on the facts and circumstances of the case. [ii]. The learned Commi....

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....e Act, on the facts and circumstances of the case. [ii]. The learned Commissioner of Income-tax [Appeals] failed to appreciate and give any finding, that the action of the learned assessing officer in recasting the income and expenditure account without rejecting the books of accounts is not in accordance with law and without jurisdiction and against the principles of taxation and consequently no additions to the income returned could have been added in the impugned order of assessment on the facts and circumstances of the case. [iii]. The learned Commissioner of Income-tax [Appeals] failed to appreciate that the learned Assessing Officer has not issued the show cause notice in respect of the disallowance of payment to punters and furth....

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....me-tax [Appeals] is not justified in law in setting aside the issue of disallowance of bad debts written off in the books of the appellant of Rs.6,19,000/- to the learned assessing officer without jurisdiction on the facts and circumstances of the case. 7. The learned Commissioner of Income-tax [Appeals] is not justified in law in setting aside the issue of a sum of Rs.70,618/- being prior-period expenses claimed by the appellant in the return of income, to the assessing officer without jurisdiction on the facts and circumstances of the case. 8. The learned Commissioner of Income-tax [Appeals] is not justified in law in setting aside the issue of brought forward unabsorbed business loss of Rs. 1,09,03,707/- and brought forward unabsorbe....

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....5/-under 115 JB of the act. This case was selected for scrutiny and notice under section 143 (2) of the was issued to assessee in response to which representative of Assessee appeared before the ld.AO and filed details as called for. On perusal of the details filed, Ld.AO observed that assessee had not offered income being commission on from totalizators, commission from bookmakers' field money, entry money, sponsorship and cups admission tickets, bookmakers' stall fee, receipts from catering and cycle stand contracts and also from downlinking centres amounting to Rs. 28,40,17,298/-. On enquiry being raised by the Ld.AO regarding not offering the gross receipts tax, assessee's representative submitted that, the gross receipts does not const....