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2019 (9) TMI 455 - AT - Income TaxReopening of assessment - interest receipts addition - method of accounting - amount actually paid during the year towards interest paid outstanding were considered and excess of interest credited - HELD THAT:- Addition made on the ground that assessee followed cash system in respect of interest receipts, whereas for payments, followed mercantile system of accounting. The case of the assessee is that the payees themselves requested the assessee to retain the interest payments, therefore he followed mercantile system of accounting. The assessee has not given satisfactory explanation before the CIT(A), therefore CIT(A) confirmed the order of the AO. Even before us, assessee has not given any explanation why he is following two different methods for receipts and payments. We have gone through the order of the CIT(A) and find no error in it. - Decided against assessee
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