ITO 19(2)(3), MUMBAI vs. LUXURY FIANNCE INVESTMENT CO., MUMBAI

The aforesaid appeal has been filed by the Revenue against impugned order dated 20/05/2010 passed by the CIT(A)-30, Mumbai for the quantum of assessment passed u/s 143(3) for the assessment year 1997-98, on the following grounds:-

1) " On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 23,37,550/- on account of discount charges made by A.O.

2) On the facts and in the circumstances of the case and in law, the learned CIT(A) failed to appreciate that the assessee firm had not been able to prove that the discounting charges have been paid wholly and exclusively for the purpose of the business of the assessee.

3) On the facts and in the circumstances of the case and in law, the learned CIT(A) failed to appreciate that the assessee was given opportunity to produce the copies of bills of discounting/finance charges which were not produced at the time of original assessment as well as at the time of fresh assessment.

4) The appellant prays that the order of the CIT(A) on the above grounds be set aside and that of the AO be restored.

5) The appellant craves leave to amend or alter any ground or add a new ground which may be necessary.”

Order pronounced in the open court on 4th July, 2016