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2020 (4) TMI 906
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.... 1. Whether the Ld. CIT (A) has erred on facts and in law in deleting the addition of Rs. 10,20,64,174/- on account of amount credited in bank account of the assessee in excess of receipts as per' books of account and also allowing the assessee appeal against the rejection of the books of accounts of the assessee. 2. Whether the Ld. CIT (A) has erred on facts and in law in deleting the addition of Rs. 23,02,705/- made on account of difference in brokers' account submitted by assessee and party wise gross receipts in assessee's books of accounts. 3. Whether the Ld. CIT(A) has erred on facts and in law in deleting the addition of Rs. 2, 76,200/- made on account of non deduction of TDS on professional charges....
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....ddition made in the hands of the assessee was on account of deemed dividend under .section 2(22)(e) of the Act at Rs. 29,27,178/-. The assessee had claimed ROC expenses of Rs.2,50,91/- for enhancing its authorized share capital. However, the same was disallowed. The AO also disallowed the deduction claimed on account of professional fee paid of Rs. 2,76,200/- for non deduction of tax at source. Another addition made in the hands of the assessee was the disallowance under section 14A of the Act at Rs. 6,25,265/-. 6. Before the CIT(A), the assessee furnished written submissions and the CIT(A) dealt with each of the issue. The first issue which was decided was the addition made after rejection of books of accounts. The CIT(A) from para 3.0 ....
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....ancelled us shown in bank account on 09.08.2010 Revenue from Trading in Equity (F&O) and commodity derivative (net) Zaljog Commodities Trade Pvt. Ltd. 132,667,277 121,667,277 10,500,000 Rs. 10,500,000/- (Rs 50,00,000 + Rs 55,00,000) dated 05.07.2010 Contra entry as shown in bank statement on account oj Cheque dishonored on 06.07.2010 Difference of amount appeared in bank account on account of cash deposit, contra entry, loan received back, loans & advances given duly accounted into books of accounts 58,662,850 Zaljog Commodities Trade Pvt. Ltd. 5,00,000 Rs 5,00,000/- paid as Margin money on 26.06.2010 by the appellant which is received bac....
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....480) Interest accrued on loan credited in Profit & loss account not received in bank Net difference added by the learned assessing office 597,135 ,900 49,50,71,726 102,064,174 8. The CIT(A) further observed as under: 4:1.6 In my considered view, addition made of Rs 10,20,64,174/- on account of amount credited in bank account of the appellant in excess of receipts as per books of account is not sustainable in view of documentary evidences already available on record to substantiate the said difference. The AO has failed to make any sincere effort regarding the same and made addition only on the basis of doubt, suspicion, conjecture or surmises without affording proper opportunity of being heard to the app....
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....rt of gross consideration Kumar Share Brokers Ltd. 1,41,47,171 (Correct Fig Rs 1,44,16,594 gross receipts) 1,39,16,593 2,30,578 A dually Rs 5,00,000) Rs 5,00,000 paid as Margin Money and not a part of gross consideration Capital Wizard Stock Broking Pvt. Ltd. 2,36,55,328 (net of loss and STT) 2,27,83,194 8,72,134 Rs 8,72,134 = (Rs 15,00,000 contra entry on account of D D cancelled as shown in ledger account of M/s Capital Wizard less Rs 6,27,867 STT not deducted in gross receipts by appellant) Total 35,01 ,64 ,360 34,78,61,655 23,02,705 11. The CIT(A) deleted the said addition made by the AO observing that the said difference in party wise detail and brokers' account is due to Margin Mo....