TMI Blog2016 (10) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... years. In view of these facts, we are of the view that the matter needs to be re-examined at the end of AO. We therefore set aside the issue to the file of AO to verify and see that the same amount is not taxed twice, i.e. in AY 2009-10 and in AY 2010-11. In case, the amount is found to be taxable in AY 2010-11, then suitable credit of TDS be given to the assessee in accordance with law but in case the amount is found to be taxable in AY 2010-11, then AO is directed to give the credit of the TDS in AY 2010-11. The assessee is also directed to furnish all the required details promptly to the AO. - Decided in favour of assessee for statistical purposes. - I.T.A. No.514/Ahd/2013 - - - Dated:- 31-8-2016 - SHRI RAJPAL YADAV, JUDICIAL MEMBER A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant before him. 1. Addition on account of alleged accrued income on the basis of air information ₹ 40,00,000/- 1. The Ld.CIT(A) has erred in law and on facts in confirming the addition of ₹ 40,00,000/- on account of alleged accrued income on the basis of AIR Information. 2. The Ld.A.O. as well as the Ld.CIT(A) erred in law and on facts in failing to consider appellant company s submissions filed before them. 3. Before us, at the outset, ld.AR submitted that though Assessee has raised various grounds but the solitary issue to be decided is with respect to addition of ₹ 40 lacs. 3.1. During the course of assessment proceedings and on the basis of AIR information, AO noticed that as per the informa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit of TDS made on this of payment ₹ 40,00,000/- has been claimed by the appellant in the current assessment year i.e. A.Y. 2009-10. Not only this, the appellant has also claimed expenditure towards discount allowed on the so-called advance payment of ₹ 40,00,000/- of ₹ 1,20,000/- in the current assessment year i.e. A.Y. 2009-10. The A.O. was of the opinion that the receipt of ₹ 40,00,000/- has accrued to the appellant during the year under consideration. However, the appellant has accounted for this receipt in the next assessment year i.e. A.Y. 2010-11, as this payment was statedly realized by the appellant on 8.4.2010. Taking entirety of facts in view, I am of the considered view that the receipt of ₹ 40,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S is to be allowed in the Assessment Year in which the income is assessable. Since the credit of tax deducted at source of ₹ 90,640/- on the payment of ₹ 40,00,000/- has been claimed and allowed in the A.Y. 2009-10, accordingly, as per the provisions of rule 37BA(3)(i), the income should also be assessed in the same year. As per the provisions of Rule 37BA(3)(i) the receipt of ₹ 40,00,000/- is assessable in the current A.Y. 2009-10. (iii) The appellant has allowed discount of ₹ 1,20,000/- on this receipt of ₹ 40,00,000/-. This discount has been allowed to M/s.Astom Project India Ltd., as the payment has been made promptly. The appellant has claimed discount expenditure of ₹ 1,20,000/- in the current ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the month of April-2009 and since the amount was received in the month of April-2009 it has accounted as income in subsequent year, i.e. FY 2009-10 relevant to AY 2010-11. He also submitted that the cheque was deposited on 9th April-2009 and the cheque got cleared in FY 2009-10. In support of his contention of the amount being received in subsequent years, he placed on record the copy of the voucher and the bank statement of Standard Chartered Bank wherein the cheque was deposited. He therefore submitted that addition be deleted and more so that the addition would amount to double addition because the income has already been offered in subsequent year i.e. AY 2010-11. In the alternate, he submitted that the assessee be allowed the cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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