TaxTMI 
TaxTMI 
2024 (3) TMI 513
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....made by the AO on account of unexplained sum credited to the books of account of the assessee, by ignoring the fact that genuineness of the transaction as well as immediate sources of funds was not proved with cogent evidences" 2. "On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in restricting the addition to Rs. 11,40,351/ as against the addition of Rs. 47,77,835/- made by the AO u/s 14A r.w. Rule 8D of the IT Act, 1961, without appreciating the legal position that entire investments should be considered while computing the disallowance u/s 14A." 3. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the disallowance of expenses of Rs. 1,75,83,247/-....
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..... 10 crores and promised Rs. 2 crores within a period of 90 days. The AO found that the parties kept extending the time till 31.08.2018 when it was mutually agreed to cancel the agreement and returned Rs. 10 crores without interest. The AO doubted the genuineness of the transaction and formed a belief that Jayant Nanda is not a non resident and made the addition of Rs. 10 crores u/s. 68 of the Act r.w. 115BBE of the Act. Assessee challenged the addition before the CIT(A) and strongly contended that Jayant Nanda is the brother of Jyotsna Suri who is director of the company. It was explained that all the documents like PAN number, copy of ITR, bank statement, agreement for purchase of flats and passport of Jayant Nanda was produced before the....
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....owance and made the addition of Rs. 4777835/-. 11. The addition was challenged before the CIT(A) on the ground that most of the dividend has been received from 5 group companies. It was strongly contended that the disallowance u/s. 14A of the Act can be made only after considering those investments from which exempt income has been earned. 12. The CIT(A) was convinced with the contention of the assessee and found that the average of investments from which dividend income has been earned amounts to Rs. 227779086/- and, therefore, the disallowance u/s. 14A comes to Rs. 1140351/- and since the assessee has suo-moto disallowed Rs. 510018/- the CIT(A) directed to restricted the disallowance to Rs. 630333/-. 13. Before us the DR strongly conte....
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.... 17. The addition was challenged before the CIT(A) and it was strongly contended that the assessee has already disallowed a sum of Rs. 21432188/- in the computation of income. It was explained that the expenses were in the nature of salary, rent, communication travelling etc which have been incurred for normal business purposes. After considering the facts and the submissions the CIT(A) found that in the earlier years no such disallowances were made and following the rule of consistency and also finding that the books of account have been thoroughly supported by bills and vouchers, the addition was deleted. 18. The DR could not point out any factual error in the findings of the CIT(A). 19. We have carefully considered the orders of the a....