TMI Blog2015 (12) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... certainly does not account for the difference of ₹ 8,91,075 between the receipts ofRs.43,94,366 as per the TDS Certificates and receipts of ₹ 35,03,291 declared by the assessee. In this view of the matter, we concur with and uphold the finding of the learned CIT (Appeals) that the explanation put forth by the assessee in an attempt to reconcile the difference in the receipts / turnover declared in the profit and loss account vis-ŕ-vis the receipts/turnover in the TDS Certificates, is unacceptable as it does not controvert the findings of the learned CIT (Appeals) in the impugned order. - Decided against assessee - ITA No. 75/Bang/2012 - - - Dated:- 29-10-2015 - Vijaypal Rao, JM And Jason P Boaz, AM For the Appellant : S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he return of income that the total rental receipts are ₹ 43,94,366 as per TDS Certificates enclosed as against receipts of ₹ 35,03,291 declared by the assessee. In this context, the Assessing Officer initiated proceedings under Section 154 of the Act by issue of notice to the assessee proposing to bring to tax the difference of receipts amounting to ₹ 8,91,075 (i.e. ₹ 43,94,366 less ₹ 35,03,291). After considering and rejecting the assessee's reply that the difference constituted payments of rent as being untenable, the Assessing Officer brought the same to tax in the assessee's hands, thereby determining the assessee's income at ₹ 13,79705 in the rectification order passed under Section 154 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said rental receipts though the appellant has not received or accrued to it but for the sake of arguments if the same is considered as receipt of the appellant then the corresponding expenditure ought to have been allowed by the learned authorities below being the rent payment made to the land lord as an outgo as an expenditure amounting to ₹ 8,91,075 under the facts and circumstances of the case. 6. The appellant denies itself liable to be charged to interest under Section 234B, C and D of the Income Tax Act, 1961 under the facts and circumstances of the case. 7. The appellant craves leave of this Hon'ble Tribunal to add, alter, delete or substitute any of the grounds urged above. 8. In view of the above and othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . to the landlord directly. The assessee submits that, without prejudice to its contentions made above, if the above receipts are to be considered in the assessee's hands, then off set of the corresponding expenditure of ₹ 8,91,075 should be allowed to the assessee as outgoings on account of rent payments to the landlord. In support of the grounds raised, the learned Authorised Representative, has filed copies of the correspondence of the assessee in the matter with the Assessing Officer, copy of agreement between the assessee and Oyzterbay Pvt. Ltd. The learned Authorised Representative was heard in support of the grounds raised and reiterated the submissions put forth before the learned CIT (Appeals). 6.2 Per contra, the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's principal, M/s. Oyzterbay Pvt. Ltd. was to grant the assessee rentals of ₹ 36,000 per month in lieu of rents paid to the landlord; which works out to ₹ 4,32,000 per annum (viz. ₹ 36,000 x 12). This, in our considered view, certainly does not account for the difference of ₹ 8,91,075 between the receipts ofRs.43,94,366 as per the TDS Certificates and receipts ofRs.35,03,291 declared by the assessee. In this view of the matter, we concur with and uphold the finding of the learned CIT (Appeals) that the explanation put forth by the assessee in an attempt to reconcile the difference in the receipts / turnover declared in the profit and loss account vis- -vis the receipts/turnover in the TDS Certificates, is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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