TaxTMI 
TaxTMI 
2023 (2) TMI 1162
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....of Income Tax (Appeals) is against law and facts . 2. That in the facts and circumstances of the case of the appellant company the order of the ld Commissioner of Income Tax (Appeals) in con firming addition of Rs. 2,73,01,709/- in respect of manufacturing/ trading of school bags profit is highly arbitrary exorbitant, illegal, void and uncalled for . 3. That in the facts and circumstances of the case of the appellant company the order of the learned Commissioner of Income Tax (Appeals) in con firming addition of Rs. 64,11,300/- in respect of Trading results of fabrics is altogether arbitrary, illegal, void and uncalled for." 3. The revenue has raised the following grounds of appeal: "1 . Whether on the facts an....
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....gnoring the fact that the CBDT Circular 5/2014 dated 11 .02 .2014 has not been even considered in Hon'ble Punjab & Haryana High Court's decision in the case of M/s Lakhani Marketing Inc . in ITA No.270/2008 on which reliance has been placed upon by CIT(A). 5. Whether the CIT(A) has erred in deleting the disallowance of Rs .57,39,524/- out of total foreign travel expenses of Rs . 1,58,52,751/- completely overlooking the fact that the assessee had failed to establish the commercial expediency for the said expenses and had also failed to furnish any documentary evidence in support of Foreign Exchange Expenses, Credit Card and Other Expenses despite numerous opportunities granted by the AO as recorded in the assessment order . ....
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....chool Bags by admitting the evidence in the form of the order of Special Commercial Court (ADJ), Gurgaon under Rule 46A of the I.T . Rules without even caring to call for a report from the Assessing officer. 10 . Whether the CIT(A) has erred in deciding the issue of undisclosed business profits merely by relying upon the order of Special Commercial Court (ADJ) Gurugram, and by comple tely overlooking the findings of exhaus tive enquiries carried out by the AO during the assessment proceedings as duly recorded in the assessment order . 11 . Whether the CIT(A) has erred in deciding the issue merely by relying upon the order of Special Commercial Court (ADJ) Gurugram, but by ignoring the fact that filing of civil suit against....
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.... to the assessee by not appreciating the fact that none of the transacting parties/concerns involved came forward to certify or authenticate the assessee's claim about the transactions be tween them be fore the AO. 15 . Whether the CIT(A) has erred in deciding the GP rate at 7%, without offering any basis and justification for the same ." ITA No. 1979/Del/2018 (Revenue Appeal) Disallowance u/s 14A: 4. During the year, the assessee has not received any dividend, hence we hold that in the absence of any dividend received and claim of exempt income, no disallowance u/s 14A is called for. Foreign Travel Expenses: 5. The AO disallowed the foreign travel expenses of Rs 57,35,855/- out of the expenses claimed by the assesse....
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....s on the grounds of personal use owing to non submission of any log books produced for verification of the purpose of the journeys performed by the company vehicles and the personal use of the cars by the directors cannot be ruled out. The ld. CIT(A) deleted the addition on the grounds that the details of the personally owned vehicle by the directors were obtained and examined. Since, the directors have also own the vehicles in their personal capacity, the allegation of the AO that the company vehicles were used for personal purpose in the absence of any tangible evidence cannot be sustained. The decision of the ld. CIT(A) is hereby affirmed. 11. Appeal of the revenue on this ground is dismissed. ITA No. 1979/Del/2018 Admission of ....