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2023 (4) TMI 810 - AT - Income TaxUnexplained cash credits u/s 68 - addition of unsecured loan - HELD THAT:- As in the books of account of the assessee, sum has been credited against the said cash creditor, M/s Josh Trading Pvt Ltd, and therefore, assessee has passed journal entry in its books of account debiting M/s Garware Synthetics Pvt Ltd. Thus, it is undisputed that credit is appearing in the books of account of the assessee and, therefore, in terms of section 68 of the Act, the assessee is responsible for explaining the identity, creditworthiness and genuineness of the transaction. This claim of the assessee for limiting provisions of section 68 to the extent of loan actually received in bank account is accordingly rejected. The additional ground of appeal of the assessee is accordingly dismissed. Amount received as fees, miscellaneous income and sale of products assessed as unexplained cash credit u/s 68 - HELD THAT:- When the said commission has already been credited and offered for tax, then either addition under section 68 of the Act can be retained or the income offered by the assessee as commission income can be retained. Both the income offered by the assessee in the return of income and addition under section 68 in respect of the same entry of Rs.9 lakhs cannot be retained. Section 115BBE of the Act has been introduced with effect from 01/04/2013, hence, same is not applicable in the instant assessment year under consideration, therefore, even if the said amount is added under section 68 of the Act, same is subject to normal rate of taxation.merely on the ground that services were rendered by the director of the company and not by the company, treating the said commission income as unexplained cash credit, is not justified. CIT(A) has also not identified the expenses claimed by the assessee for earning the said commission income. In the circumstances, we set aside the order of the lower authorities on the issue in dispute and direct the Assessing Officer to delete the addition made under section 68 of the Act. Miscellaneous income and sale of product the assessee failed to provide details of name and address of the parties and, therefore, the CIT(A) sustained the addition - We find that in absence of any documentary evidence, the action of the Ld.CIT(A) in upholding the addition u/s 68 is justified. Corresponding income which has already been declared in the regular return of income needs to be reduced or subtracted from the total income. Thus, the income will though be assessed under the provisions of section 68 of the Act, there will be no additional tax liability as the incomes assessed under section 68 of the Act are also liable to be taxed at the same rate for the year under consideration. Typographical error in the order of the Ld.CIT(A) - As this was only a mistake apparent on the record and the assessee should have approached the Ld.CIT(A) for rectification of the said mistake. However, in the interest of justice, we direct the Assessing Officer to consider the amount deleted as Rs.1,79,530/- which is apparent from the finding of the Ld.CIT(A). This ground of the appeal of the assessee is accordingly allowed
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