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2016 (9) TMI 500 - AT - Income TaxFDRS Interest taxability - income accrued - Held that:- Assessee is engaged in the business of sales of bikes and owner of bikes are insured with M/s National Insurance Co. Ltd. or assessee IndusInd Bank. All sums received by the assessee as job charges duly declared. No dealings of the assessee with National Insurance Co. Ltd. and books of accounts has been accepted. No such sums received by the assessee. On perusing a Certificate from the Bank alongwith copy of FDR it shows that the interest is on account of FDRs of wife of the assessee Smt. Sarita Yadav. It is of the view that once no sum is credited in the books of accounts of the assesssee, it is really not known how any figure reflected in Form 26AS can be treated as income of the assessee as Form 26AS neither forms part of books of accounts of the assessee. As find considerable cogency in the assessee’s counsel that it is a well settled law that the bank account is not books of account of the assessee, therefore, the Form 26AS cannot be made a basis for addition. As regards the TDS Certificate is concerned, on perusing the records, as noted that the National Insurance Company has issued a TDS Certificate in the name of the assessee and mere issue of TDS certificate does not establish that there is any income credited to the income of the assessee as no sum is either due to the assessee or any sum has been actually received by the assessee, thus the addition of ₹ 11,605/- and ₹ 8,47,592/- is not tenable in the eyes of law, hence, the same are deleted. With regard to addition of ₹ 4,19,563/- relating to FDR interest, from the records, it reveals that this amount relates to Smt. Sarita Yadav, W/o Sh. Vikas Yadav, who is a regular income tax assessee. The FDRs interest and TDS claim was duly made in her return. The TDS deducted under the assessee PAN actually its belong to her. Nor the interest is claimed by the assessee nor the benefit of TDS is availed. Hence, the addition in dispute is untenable and the same is deleted. - Decided in favour of assessee
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