TaxTMI 
TaxTMI 
2022 (8) TMI 1403
X X X X Extracts X X X X
X X X X Extracts X X X X
....any stated to be engaged in the business of Automobile Dealership and service centers and also authorized dealer of Swaraj Majda Automobile. Assessee filed its return of income for A.Y. 2012-13 on 29.03.2013 declaring income of Rs.10,59,100/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 24.03.2015 determining the total income at Rs.1,83,66,960/-. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 09.07.2018 in Appeal No.196/16-17 granted substantial relief to the assessee. Aggrieved by the order of CIT(A), Revenue is now in appeal and has raised the following grounds: 1. The Ld CIT(A) has erred in reducing the addition on ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....me to be Rs.2,70,000/- in respect of the difference of TDS of Rs.5,400/-. He thus treated the sum of Rs.2,70,000/- as being not accounted by the assessee as income and made its addition. 6. Aggrieved by the order of AO, assessee carried the matter before CIT(A). CIT(A) after considering the submissions of the assessee noted that the entire turnover cannot be considered income of the assessee but the only income embedded in the turnover can be taxed. In the absence of necessary details, CIT(A) considered the gross profit @ 10% on Rs.2,70,000/- and accordingly granted relief to the extent of Rs.27,000/- and upheld the addition of balance Rs.2,43,000/-. Aggrieved by the order of CIT(A), Revenue is now before us. 7. Before us, Learned DR ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the order of AO, assessee carried the matter before CIT(A). CIT(A) while deleting the addition noted that AO has failed to point out any item of expenditure which was personal in nature and the disallowance has been made without any material on record to support the contentions of the expenses being personal in nature. He accordingly deleted the addition. Aggrieved by the order of CIT(A), Revenue is now in appeal before us. 12. Before us, Learned DR supported the order of AO. 13. On the other hand, Learned AR supported the order of CIT(A). 14. We have heard the rival submissions and perused the material available on record. The issue in the present ground is with respect to the disallowance of 10% of expenditure by holding it to b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n record to demonstrate that the FDRs taken by the assessee was not for the purpose of gurarantee and for the purpose of business. He therefore, held the change of head made by AO to be not sustainable and accordingly allowed the ground of assessee. Aggrieved by the order of CIT(A), Revenue is now before us. 18. Before us, Learned DR supported the order of AO. 19. Learned AR on the other hand supported the order of lower authorities. 20. We have heard the rival submissions and perused the material available on record. We find that before CIT(A) it was inter alia submitted that the interest was earned from the fixed deposits which assessee was required to take for obtaining bank guarantees for the purpose of working capital and for ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....produced the copy of their ITRs and bank accounts. He accordingly treated the sum of Rs.58,01,000/- to be income from undisclosed sources and made its addition u/s 68 of the Act. 24. Aggrieved by the order of AO, assessee carried the matter before CIT(A). CIT(A) deleted the addition made by AO. While deleting the addition with respect to Rs.58,01,000/- being the loan, CIT(A) after considering the submissions of the assessee, remand the report received from the AO and the assessee's reply to the remand report noted that out of the addition of Rs.58,01,000/-, Rs.27,69,000/- was old loan and only fresh loan of Rs.30,32,000/- was received during the year from the Directors of the Company and their family members. He has further noted that be....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ons made before the CIT(A) and supported his order. 29. We have heard the rival submissions and perused the material available on record. The issue in the present appeal is with respect to the addition made by AO on account of share premium and loans but deleted by CIT(A). We find that CIT(A) after considering the additional evidences submitted by assessee, the comments of the AO on the additional evidences and with respect to share premium has given a finding that share application money was not received in the year under consideration and but was received in the earlier financial year but only the allotment was done in the year under consideration. He has further given a finding that all the share allottees have been identified and cre....