9911796707
TMI Blog2013 (12) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee and the data revealed by the AIR. 3. The facts giving rise to the appeal of the assessee are that the assessee is a firm of Chartered Accountant. As per AIR information, the assessee has received professional fees from various persons aggregating to Rs.53,61,529/-. During the course of the assessment proceedings, the assessee was required to reconcile the receipts with its books of accounts. The assessee filed a reconciled statement, however, a sum of Rs.3,36,715/- remained unreconciled. The assessee claimed that this unreconciled amount relates to professional fees, which have not been received by the assessee. The AO treated this unreconciled amount as income of the assessee. 4. In appeal before the CIT(A), the assessee claimed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f accounting. Therefore, there is a force in the contention of the learned counsel that the entire fees are shown as income as and when they are received. It may be possible the assessee might have claimed the credit of TDS without taking income into consideration for want of receipts of the income. In our considered view, this issue needs reverification at the assessment stage. We, accordingly, restore this issue to the files of the AO. The assessee is directed to once again file reconciliation statement showing unreconciled receipts as income of the subsequent years, in which the payment has been received by the assessee. The assessee is also directed to show that the TDS amount claimed by the assessee has been shown as its income during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that Rs.21,009/- remained to be reconciled/explained and accordingly made the addition. 12. Before the CIT(A), it was explained that there was premature encashment of 3 fixed deposits resulting into a loss of interest of Rs.42,948/-, which has resulted into computing the interest by a lesser amount at Rs.21,009/-. The CIT(A) did not accept this contention of the assessee and confirmed the addition of Rs.21,009/- , made by the AO. 13. Before us, learned counsel of the assessee argued that the addition has been made on the basis of AIR information disregarding the facts of interest shown in the books of account. We find that this contention of the assessee needs reverification by the AO. We, accordingly, restore this issue back to the files ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that so far as the capital gains is concerned, this income has not been considered for the purpose of computing the remuneration to partners in the computation of income. So far as interest on FDR is concerned, learned counsel of the assessee claimed that the assessee has been showing interest on fixed deposits as its business income since past years and no disturbance has been made by the AO, therefore, the rule of consistency should be followed. 18. Per Contra, learned DR strongly supported the orders of the authorities below. 19. We have carefully considered the orders of the lower authorities and the submissions made by the rival parties. So far as the capital gains of Rs.32,010/- is concerned, it cannot form part of the book ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
