Case Law Details
ACIT Vs Gurgaon Gramin Bank (ITAT Delhi)
It is emerges from the material on record that, the assessee was maintaining books of accounts which being duly audited by expert, i.e. Chartered Accountant. The report of the chartered accountant has been furnished before the A.O. At the time of assessment proceedings, the Assessing Officer has disallowed the expenditure only on the ground that, it has been claimed as prior period expenditure although the assessee was following the merchandise system of the accounting. On the contrary, the A.O has not of the opinion that the expenditure itself is bogus per se. The expenditure has been incurred for the business and it is not the case of the A.O that, it is not allowable u/s 37 (1)of the Act. Since, the assessee has already paid more tax in Financial Year 2009-10, which is in the tax bracket of 30% and the claim is revenue neutral, i.e. that is there is no loss of Revenue. While deleting the addition made by the A.O, Ld.CIT(A) has also considered all the above facts. Therefore, we do not find any reason to interfere with the finding of the facts by the CIT(A) and also the conclusion arrived by the Ld.CIT(A). Therefore, the order of Ld. CIT(A) which requires no interference. Accordingly, we inclined to dismiss the Revenue’s Grounds of Appeal.
FULL TEXT OF THE ORDER OF ITAT DELHI
This appeal is filed by the Revenue for assessment year 2011-12 against the order of the ld. Commissioner of Income Tax (Appeals), Rohtak, dated 30.09.2019.
2. The Revenue has raised the following grounds of appeal:-
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