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TMI Blog2016 (5) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... ve grounds filed along with Form 36. 3. As per the said concise grounds of appeal, three issues are arising. The first ground is that the Commissioner of Income-tax (Appeals) has erred in estimating income from contract works at 10 per cent. as against 8 per cent. before allowing bank interest and depreciation. 4. The second ground raised by the assessee is that the lower authorities have erred in making addition of Rs. 9,50,100 under section 68 made on account of Shaym Trading Co. and Sahoo Enterprises without giving opportunity of cross-examination. 5. The third ground raised by the assessee is that the authorities below have erred in not giving credit of the TDS Rs. 9,10,269 and levying interest under sections 234B and 234C of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lary and interest to the partners to arrive at the taxable income. The Assessing Officer has also enquired about the claim of sundry debtors and observed that two sundry creditors, namely, Shyam Trading Co. and M/s. Sahoo Enterprises have denied that they have anything to receive or to pay the assessee. Since the assessee failed to establish the genuineness of transaction, the Assessing Officer added sundry creditors of Rs. 9,50,120 under section 68 of the Act. The Assessing Officer completed the assessment under section 143(3) of the Act and assessed the income at Rs. 31,54,286. In the first appeal, the assessee did not get any relief. Hence, the assessee is in appeal before us. 8. Apropos ground No. 1 of appeal, we have heard the rival c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e addition of Rs. 9,50,100 under section 68 made on account of Shaym Trading Co. and Sahoo Enterprises. 10. We have heard the rival contentions and perused the record of the case. Before the learned Commissioner of Income-tax (Appeals), the assessee submitted that M/s. Shaym Trading Co. and Sahoo Enterprises are genuine parties and the addition has been made under section 68 on the ground that the assessee has not produced books of account for verification of expenses and other claims. It is the case of the assessee that the books of account have not been completely discarded as gross receipts, payment of salary and interest to partners have been accepted based on the books of account. The learned Commissioner of Income-tax (Appeals) has o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No 592/CTK/2012, dated January 11, 2013, wherein the Tribunal has held that it is necessary to direct the Assessing Officer to verify the TDS certificate by the assessee or partners in the return for the purpose of claiming credit for TDS, when the Assessing Officer has accepted the income was to be given credit to the assessee being the firm returning the income for claiming the advance tax paid but deducted at source. The Assessing Officer in that order is directed to give credit to the assessee in accordance with the provisions of the Income-tax Act, 1961. Respectfully following the same, we set aside the order of the learned Commissioner of Income-tax (Appeals) and restore the matter to the file of the Assessing Officer to verify whet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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