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2017 (2) TMI 326 - AT - Income TaxUndisclosed current asset - outstanding balance receivable being not reflected the same in the balance sheet as on 31-03-06 - Held that:- We find that the impugned amount of ₹ 3,70,244/- remained as unpaid as on 31-03-2006 as the Simplex Infrastructures Limited to whom the Assessee rendered services retained the same as retention money for realization of liquidated damages, if any, for the work executed by the Assessee and according to Assessee, the realization of the amount was uncertain and that was the reason, he did not show the amount as receivable in the Balance Sheet. It is pertinent to note that the Simplex Infrastructures Limited deducted tax on the total amount as required to be paid to the Assessee and a letter of confirmation was filed before the AO as issued by the Simplex Infrastructures Ltd, deductor, along with the evidences of payments mentioning the cheque no’s and dates of payments of impugned of ₹ 3,70,244/- and thereby, we agree with the submissions of the Ld.AR that the tax was offered on the total value of contract work and we find force in the arguments of the Assessee that income once taxed can not be taxed again, we hold that the impugned addition was part of gross receipt and as shown income in the profit and loss account, thus, it can not become an addition again bringing the same for taxation for not following the principles of accountancy. - Decided in favour of assessee
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