TMI Blog2016 (2) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... as per mercantile accounting system. The reason for the difference was mainly on account of interest income which the assessee has declared on the basis of mercantile accounting system and the payer deducted the TDS on the cash basis of accounting. The ld. AR has submitted sufficient number of documents in the 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, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 1,20,138/- 11,44,163/- - 4,99,147/- 6,45,015/- - Total 28,30,098/- The AO found from the above table that assessee has claimed TDS of the full amount but failed to declare the income in full as per the TDS certificates. The difference between the income as per TDS certificates and as per accounts is amounting to Rs. ₹ 28,30,098/-. Hence, the AO added the same to the total income of assessee. 3. Aggrieved, assessee preferred appeal before Ld. CIT(A) who upheld the action of AO by observing as under:- On this issue the appellant in his submission mentioned that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see Company. 4. We have heard both the parties and perused the materials available on record. Before us Ld. AR submitted paper book running pages from 1 to 34 and stated as under : Regarding the TDS certificate issued by ADMAAC, South West for an amount of ₹ 86,558/-. It was submitted that assessee has shown its income in the financial year 2002-03 on the basis of mercantile 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited interest income schedule along with the breakup of the interest which are placed on page 10 and 11 of the paper book. As regards, two 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 but deducted @ 10% and 10.50% respectively, therefore issued two TDS certificates. The AO on the basis of tw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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