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2016 (2) TMI 120 - ITAT KOLKATA

2016 (2) TMI 120 - ITAT KOLKATA - TMI - Accrual of income - Addition on account of Tax Deducted at Source (TDS) certificate - Held that:- AO at the time of assessment made reconciliation between income based on TDS certificates and the actual income offered to tax. The AO found the difference between the income as per TDS certificates and income shown by assessee. As per AO the assessee has declared less income and claimed the full credit of the TDS. Accordingly the AO has added the undisclosed .....

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form of the paper book and we found no ambiguity from the details submitted. In view of above, we reverse the orders of authorities below and delete the addition made by AO which confirmed by Ld. CIT(A). - Decided in favour of assessee. - ITA No. 421/Kol/2013 - Dated:- 4-12-2015 - Mahavir Singh, JM And Waseem Ahmed, AM For the Appellant : Shri V N Purohit, FCA&H V Bhardwaj, CA For the Respondent : Shri Debasish Roy, JCIT-DR ORDER Per Waseem Ahmed, Accountant Member This appeal by the assesse .....

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Source (TDS) certificate issued and claimed by assessee. During the assessment proceedings, Assessing Officer asked the assessee to submit the list of receipts as per TDS certificate in comparison to the receipt as per accounts and same is furnished below:- Name of deductor Total TDS deducted Total T.O. as per TDS certificate Corresponding T.O as per accounts Difference, if any ADMAAC (South, West) 86,558/- 8,65,578/- 8,65,578/- PNB, Kolkata 2,47,610/- 12,07,852/- 10,32,510/- 1,75,342/- SBI, Ho .....

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o upheld the action of AO by observing as under:- "On this issue the appellant in his submission mentioned that the short credit of TDS was due to the fact that part income of the TDS certificate was already offered for taxation in the earlier year because of the mercantile system of accounting being followed by the assessee year to year. The assessee was also of the opinion that the revenue is in no way in loss or the assessee has not deferred the payment of taxes any way. It is further st .....

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TDS certificate was already offered for taxation in the earlier year is an after-thought and it is unsubstantiated and fresh explanation which is unacceptable." Being aggrieved by this order of Ld. CIT(A) assessee preferred second appeal before us on the following ground:- "1) That the Commissioner of Income Tax (Appeals)-XIV has erred, both on facts and circumstances of the case in confirming addition of ₹ 28,30,098/- as made by A.C.I.T. on basis of TDs certificates issued and c .....

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ile system of accounting. However, the party issued the TDS certificates in the financial year 2003-04. So the income on TDS certificate was duly offered for tax in the financial year 2002-03. In support of his claim, the ld. AR has submitted audited schedule of income along with the breakup of interest for the financial year 2002-03 which are placed on pages 6 & 7 of the paper book. The assessee claimed the credit of TDS certificate for the said amount of ₹ 86558/- in the relevant pre .....

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book. From the details submitted by the ld. AR, we find no infirmity or ambiguity of any type. As regards the TDS certificate issued by PNB, Kolkata for an amount of ₹ 1,75,342/-. It is submitted that assessee has followed mercantile system of accounting and declared all its income on accrual basis. However, the PNB paid interest on the fixed deposit in AY 2004-05 on the basis of cash accounting system, so the TDS was deducted in the AY 2004-05. In support of his claim the ld. AR has prod .....

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TDS certificates issued from SBI, Howrah for an amount of ₹ 234555.00 (114417+120138) the corresponding was booked on mercantile basis and the bank deducted TDS on the interest accrued on maturity based on cash system of accounting. In support of the interest income from SBI on fixed deposits, the assessee submitted the detail breakup of the interest income declared by the assessee, which is placed on page 16 of the paper book. The bank was to deduct the TDS @20.50% of the interest income .....

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