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Income Tax Appellate Tribunal, IN THE INCOME TAX APPELLATE TRIBUNAL,
Before: ARUN KHODPIA & ARUN KHODPIA & ARUN KHODPIA
per the sale deed on 10.4.2009. As of the beginning of the year, the assessee did have the funds. The introduction into the books of account of J.D.Loader could be after the transfer of the registration. The addition is in respect of introduction of capital of Rs.8.7 lakhs is in respect of purchase of the J.D.loader. The capital introduced has been used for the purchase of the J.D.Loader. The assessee did have Rs.10.8 lakhs as of the beginning of the year for the purchase and introduction of capital of Rs.8.7 lakhs. This being so, we are of the view that the addition made by the AO towards capital introduction of Rs.8.7 lakhs is unsustainable and consequently, we delete the same.
Coming to the issue of the disallowance confirmed by the ld CIT(A) under Chapter VIA of the Act, ld AR has not been able to make any submission to substantiate its claim. Consequently, the addition as made by the AO and confirmed by the ld CIT(A) stands confirmed.
In the result, appeal of the assessee stands partly allowed.
Order dictated and pronounced in the open court on 19/01/2023.
Sd/- sd/- (Arun Khodpia) (George Mathan) ACCOUNTANT MEMBER JUDICIAL MEMBER Cuttack; Dated 19/01/2023 B.K.Parida, SPS (OS)
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ITA No.151/CTK/2022 Assessment Year : 2010-2011
Copy of the Order forwarded to : 1. The Appellant : Smt.Sujata Nayak, W/O. Shri Lokanath Nayak, OMP Road, Indira Nagar, 6th lane, PO;Dist: Rayagada 2. The Respondent: ITO, Rayagada Ward, Rayagada 3. The CIT(A)-, Berhampur 4. Pr.CIT-, concerned 5. DR, ITAT, Cuttack 6. Guard file. //True Copy// By order
Sr.Pvt.secretary ITAT, Cuttack
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