TMI Blog2021 (7) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction of expenditure. The case of the assessee is that a wrong credit by mistake was made in the earlier year and that the rectification entry has been made in this year. DR has been fair enough to submit that if it is a case of any mistaken entry and rectification thereof, the matter may be restored to the file of Ld. AO for verification of the said fact. The assessee has also made similar re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken the following grounds of appeal :- 1. That on the facts and circumstances of the case, the Ld. CIT(A) erred in passing the order appealed against sustaining and confirming the additions made in the assessment order on account Interest on Investment amounted to ₹ 31,24,924/- without considering the facts of the case in proper perspective. 2. That n the facts and in the circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AO noted that the assessee has debited an amount of ₹ 31,24,924/- in the P L account under the head Interest on Investment . On being asked to explain, the assessee explained that due to some mistake in the earlier years the said amount was credited as income. However, when the mistake was pointed out by the Audit Party, the rectification entry was passed during the current year debit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the said fact. The Learned Counsel for the assessee has also made similar request. 5. In view of the submissions of both the ld. Representative of the parties, this issue is restored to the file of the Ld. AO for the limited purpose for verification of the fact as to whether the aforesaid amount of ₹ 31,24,924/- was debited on account of a wrong credit made in the earlier year by mistak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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