TaxTMI 
TaxTMI 
TaxTMI 
2024 (7) TMI 490
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....rounds of appeal : "1. On facts and circumstances prevailing in the case and as per provisions & scheme of the Income-tax Act, 1961 ("the Act") it be held that the order passed by the First Appellate Authority without considering the submissions filed by the Appellant is unwarranted, unjustified and contrary to the provisions of the Act and facts prevailing in the case. The order passed be set aside. The disallowance sustained be deleted. The Appellant be granted just and proper relief in this respect. 2. Without prejudice to Ground No. 1 and On facts and circumstances prevailing in the case and as per provisions & scheme of the Act, it be held that disallowance of Rs.28,02,003/- made by the Ld. AO and further upheld by the First Appell....
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....ee. All other bills, vouchers were in the name of Wings Travel Management India Private Limited and Smt. Bharati Kharat. The AO issued a show-cause notice to the assessee. After considering the submission of the assessee, Assessing Officer disallowed assessee's claim of Index Cost of Improvement partially and made an addition of Rs. 33,84,921/-. In the assessment order, AO also made addition of Rs. 1,99,494/- under section 57 of the Act. It was observed by the AO that assessee had given loan to Wings Travel Management India Private Limited of Rs. 3,74,61,162/- and earned interest of Rs. 47,56,131/-. Assessee had borrowed loan of Rs. 4,34,95,966/- and paid interest @11.25. AO disallowed interest expenditure of Rs. 1,99,494/-. 3.1 Aggrieved ....
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....the assessee and disallowed the bills which were not in the name of the assessee. Ld.DR also submitted that from the photographs, one cannot understand whether the photograph pertains the impugned flat or not! The ld.DR vehemently supported the order of the AO and ld.CIT(A). Findings and Analysis : 6. We have heard both the parties and perused the records. The only ground which was pleaded before us was regarding cost of improvement. The assessee has filed paper book only with respect to his claim of cost of improvement. Therefore, the only issue before us for adjudication is cost of improvement. 6.1 We have perused the list of bills filed by the assessee which is at page no.27 and 28. Only following bills are in the name of Mr.Arun Khar....
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....ardware Collection Being payable for bill no 2477 Hardware material used in Blossom Buleward Service apartment. 7,493 6.2 All other bills are either in the name of Wings Travel Management India Private Limited or Smt.Bharati Kharat. These bills are for hardware items like commercial ply, hinges, jaguar fittings, fevicol, laminates etc. Some of the bills are mentioned as under : * Bill dt.05/11/12 in the name of WINGS Travels Management Pvt Ltd for Rs.1,15,400/- for 7 Split ACs. * Bill dated 05.11.2012 in the name of Wings Travel Management India Private Limited for Crompton Ceiling Fans 07 pieces and Bajaj Ventilation Fans 05 pieces. * Bill dated 25.12.2012 again in the name of Wings Travel Management India Private Limited is for w....
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.... signed by Accounts Manager of Wings Travel Management India Private Limited dated 15/06/2018 that Wings Travel Management India Private Limited had made payment of Rs. 25,83,223/- during F.Y.2012-13 through various vendors towards Flat No.B-1103 and company had not claimed the said expenditure. The said declaration of Wings Travel Management India Private Limited is a self-serving document and there is no independent evidence to support the declaration. We have also to take into consideration the fact that assessee is a Founder Director in Wings Travel Management India Private Limited and the letter is issued by Accounts Manager who is directly working under assessee being Director of the Company. Also, the letter is dated 15.06.2018 and a....