2024 (10) TMI 304

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....t appeal filed by the assessee is directed against the order of the Learned Commissioner of Income-tax(Appeals), Mumbai (hereinafter, 'Ld.CIT(A)') passed under section 250 of the Income-tax Act, 1961 (in short, 'the Act') for the assessment year 2009-10 dated 27th June 2024. The impugned order emanated from the order of the Ld. Assistant Commissioner of Income-tax-25(1), Mumbai (in short, 'the Ld.....

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....the case are that the assessment was completed under section 143(3) read with section 147 of the Act dated 31/01/2015. The ld.AO found that the assessee has made the 'hawala' transactions as per the information received from the DGIT (Inv) amount to Rs. 1,61,69,712/- and assessee purchased the computers which are used for rental purposes. The depreciation was claimed by the assessee @60% amount to....

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....made amount to Rs. 1,61,69,712/-. The ld. AO treated the purchase of computer as bogus purchase. Finally, the addition was made by disallowing @25% of the depreciation claimed by the assessee amount to Rs. 24,25,456/-. The assessee has accepted the quantum addition. But the addition was made on disallowance of depreciation, i.e. expenses claimed by the assessee. The assessee raised the legal point....

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....which is not sustainable. The ld.CIT(A) in impugned appeal order relied on the order of the Hon'ble Apex Court in the case of JRD StockBrokers (P) Ltd vs. CIT (2017) 79 taxmann.com 184 (SC). The issue is dealt with by the Hon'ble Apex Court that the search was initiated under section 132(4) with it include accommodation entries. The levy of penalty under section 158BFA of the Act was justified. Th....