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2015 (12) TMI 1016 - ITAT BANGALORE

2015 (12) TMI 1016 - ITAT BANGALORE - TMI - Reconciliation of the difference between receipts as per TDS Certificates and receipts disclosed by the assessee - Held that:- On an appreciation of the facts on record we do not find the arguments and claims put forward by the assessee to be factually tenable. As per the business agreement dt.10.10.2003 and the letter dt.4.11.2003 supplementing the aforesaid agreement, the assessee's principal, M/s. Oyzterbay Pvt. Ltd. was to grant the assessee rental .....

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ssee 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 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 : Shri Santhosha Kumar, CA For the Respondent : Shri Sunil Kumar Agarwala, JCIT (DR) ORDER Pe .....

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43(1) of the Income Tax Act, 1961 (in short 'the Act') and the case was subsequently taken up for scrutiny. The assessment was completed under Section 143(3) of the Act vide order dt.24.11.2008, wherein the income of the assessee was determined at ₹ 4,88,630 as against the returned income of ₹ 4,360 in view of the following additions / disallowances :- (i) Disallowance of interest paid to partners : Rs.1,89,434. (ii) Staff Salary : Rs.2,49,835. (iii) Sundry Expenses : Rs.15,0 .....

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g 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 of the Act dt.14.9.2009. 2.3 Aggrieved by the order under Section 154 of the Act dt.14.9.2009 for Assessment Y .....

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y, and weight of evidence under the facts and circumstances of the case. 2. The appellant denies itself liable to be taxed over and above the total returned income by the appellant of ₹ 4,360 under the facts and circumstances of the case. 3. The learned CIT (Appeals) is not justified in law and on facts in confirming the addition made of ₹ 8,91,075 made by the learned Assessing Officer on account of difference in turnover as per Form No.16A and the Profit and Loss Account of the appe .....

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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 .....

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r Section 234B, 234C and 234D of the Act. The charging of interest is consequential and mandatory and the Assessing Officer has no discretion in the matter. This proposition has been upheld by the Hon'ble Apex Court in the case of Anjum H Ghaswala (252 ITR 1) and we, therefore, uphold the action of the Assessing Officer in charging the said interest. The Assessing Officer is, however, directed to recompute the interest chargeable u/s. 234B, 234C and 234D of the Act, if any, while giving effe .....

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ing commission for maintaining the show room and the rent was paid by the Principal M/s. Oyzterbay Pvt. Ltd. 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 Re .....

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smissed, as the assessee has merely reiterated the arguments put forth before the learned CIT (Appeals) but has failed to controvert the finding of the learned CIT (Appeals) in the impugned order. 6.3.1 We have heard the rival contentions and perused and carefully considered the material on record. The dispute before us is the reconciliation of the difference of ₹ 8,91,075 between receipts of ₹ 43,94,366 as per TDS Certificates and receipts of ₹ 35,03,291 disclosed by the asses .....

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