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2019 (8) TMI 182

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..... 000/-. - ITA.No.5097/Del./2018 - Dated:- 1-8-2019 - Shri Bhavnesh Saini, Judicial Member For the Assessee : Shri V. Raja Kumar, Advocate For the Revenue : Shri S.L. Anuragi, Sr. DR ORDER This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-20, New Delhi dated 14.03.2018 for AY 2014-15, challenging the addition of ₹ 8,70,000/- on account of undisclosed professional receipt u/s 69A of the Income Tax Act. 2. I have heard Ld. Representatives of both the parties and perused the material on record. 3. The office has reported that appeal is time barred by 45 days. The assessee has filed an application for condonation of delay explaining therein that on receipt of impugned order by Counsel Shri Bhushan Khanduja, the .....

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..... accounts on cash basis, therefore, the consultancy charges received in financial year relevant to assessment year should have been disclosed in the return of income. In the balance sheet ending 31.03.2014 no such advances reflected. The AO also noted that in the legal profession fees is also received in advance except in some exceptions. Therefore, AO made addition of ₹ 8,70,000/- as undisclosed professional receipt appearing in the bank account of assessee u/s 69A of the Act. The assessee challenged the addition before Ld. CIT(A) and it was claimed that method of accounting employed by the assessee is mercantile and not cash as stated by the AO. It was further stated that in the balance sheet ending 31.03.2014 assessee has shown amou .....

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..... 8,50,000/-. According to assessee the advance fees was received from four parties and their matters are now settled in current financial year. Assessee, therefore, made a statement in the court that amount in question i.e. ₹ 8,70,000/- would be tendered for taxation in AY 2020-21. The assessee has also paid advance tax on the same amount for AY 2020-21 in a sum of ₹ 96,200/-. These facts clearly support that assessee received the amount in question as advance from the parties. Assessee denied to have maintained cash system of accounting, therefore, there was no justification to make addition of the impugned amount in assessment year under appeal. It is submitted that tax would remain same in assessment year under appeal as well .....

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