2022 (11) TMI 727

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....contrary to the relevant provisions of the Act and deserves to be quashed and set aside. 2. The learned CIT(A) has erred in confirming Assessed Income at Rs. 36,96,870/- as against the returned income of Rs.7,68,450/- and addition made are contrary to the facts and the provisions of law. It is submitted that it may be so held now and the additions made be deleted. 3. The learned CIT(A) has erred in confirming disallowance made by Learned AO as expenses of Rs.29,28,423/- u/s 57 (iii) instead of allowing said expenses from the business income of Rs. 84,390/- (Profit on sale of shops) as CIT(A) treated wrongly that the said expenses are claimed by the appellant u/s. 57(iii). Therefore it is submitted that it may be so held no....

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....assessee is an individual and carrying out business activity as partner in the firm related to exporting construction activities. The assessee filed belated return of income under Section 139(4) of the Act for A.Y. 2015-16 on 30.03.2017 declaring total income at Rs. 7,68,450/-. The Assessing Officer observed that the assessee has shown Rs. 11,86,798/- under the head "income from other sources" and in the schedule of other sources. The assessee has shown Rs. 41,15,221/- and claimed expenses of Rs. 29,28,423/-. The Assessing Officer further observed that the expenses claimed has no nexus with the income from offered and therefore, made addition of Rs. 29,28,423/- which was claimed under Section 57(iii) of the Act by the assessee. 5. Being ....

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....rading receipt as contemplating by the CIT(A) but the benefit of Circular issued by the CBDT dated 11.04.1955 should be taken into account. 7. The Ld. D.R. relied upon the assessment order and the order of the CIT(A). 8. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that as regards addition ground raised by the assessee the Circular No. 14 dated 11.04.1955, the Ld. AR submitted that the assessee had committed a mistake in treating amount of Rs. 32,44,095/- which was taken as personal loan taken by the assessee in the year 1999 as income for the year under head "income from other sources". But the fact remains that the assessee has shown in the return in respect of old dues no....