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2015 (12) TMI 1016 - AT - Income TaxReconciliation of the difference between receipts as per TDS Certificates and receipts disclosed by the assessee - Held that:- On an appreciation of the facts on record we do not find the arguments and claims put forward by the assessee to be factually tenable. As per the business agreement dt.10.10.2003 and the letter dt.4.11.2003 supplementing the aforesaid agreement, the assessee's principal, M/s. Oyzterbay Pvt. Ltd. was to grant the assessee rentals of ₹ 36,000 per month in lieu of rents paid to the landlord; which works out to ₹ 4,32,000 per annum (viz. ₹ 36,000 x 12). This, in our considered view, certainly does not account for the difference of ₹ 8,91,075 between the receipts ofRs.43,94,366 as per the TDS Certificates and receipts of ₹ 35,03,291 declared by the assessee. In this view of the matter, we concur with and uphold the finding of the learned CIT (Appeals) that the explanation put forth by the assessee in an attempt to reconcile the difference in the receipts / turnover declared in the profit and loss account vis-à-vis the receipts/turnover in the TDS Certificates, is unacceptable as it does not controvert the findings of the learned CIT (Appeals) in the impugned order. - Decided against assessee
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