TMI Blog2014 (7) TMI 987X X X X Extracts X X X X X X X X Extracts X X X X ..... s observed that money has been retained by the principal – there was no mistake in the order of the CIT(A), as the difference amount was retention money with the principal "HIL" and the assessee was following cash system of accounting, and that the CIT(A) has directed the AO to withdraw the credit of TDS granted to the assessee to the extent it pertains to the income not offered for tax - the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessees' receipt were ₹ 57 lakhs whereas the assessee has shown total receipt of ₹ 42,98,553/- from M/s. Hindalco Industries Ltd. ( HIL for short), therefore, difference of ₹ 14,01,447/- was rightly treated as undisclosed income of the assessee. He relied on the order of the AO. The learned counsel for the assessee has opposed the submissions of the learned DR. He subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd to the receipts and payments which were properly reconciled. The CIT(A) has observed that money has been retained by the principal i.e. HIL . In these facts and circumstances, the CIT(A) has directed the AO to withdraw the credit of TDS granted to the assessee to the extent it pertained to income not offered for tax, and the addition made was deleted. There being no mistake in the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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