9911796707
TMI Blog2021 (12) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... t Member: The present appeal has been preferred by the assessee against the order dated 30.04.2019 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2011-12. 2. There are two issues raised by the assesse in the grounds of appeal. One is against the order of CIT(A) upholding the addition of Rs. 11,80,119/- as made by the AO u/s 36(1)(i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there have been inter corporate transfer of funds between the assessee and its subsidiary Mape Security P Ltd. out of commercial and business expediency. The assesse also referred to the disclosure made in the annual accounts to the effect. The assesse also filed a calculation sheet of interest which showed that if the transaction for the entire year are taken into account then the interest works ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the ld CIT(A) also upheld the order of AO that proceedings u/s 154 of the Act does not lie in this case as there is no apparent mistake and thus dismissed the appeal of the assesse. 5. After hearing both sides and perusing the material on records, we note that the rectification application u/s 154 of the Act has been filed by the assesse seeking rectification of mistake which has occurred while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de the order of ld CIT(A) direct the AO to delete the disallowance of Interest of Rs. 11,80,119/-. The appeal of the assesse is allowed. 6. At the time of hearing the ld AR also pointed out that assessee has there was second issue in the rectification application moved by the assesse before the AO qua allowing the credit of TDS of Rs. 10,04,793/- deducted by M/S Tamilnadu Petroproducts Ltd and TD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted by Karvy Stock Broking Ltd. However the deductors deposited the TDS in the nest year and thus it was appearing in the form 26AS of AY 2012-13. In our opinion the assesse should be allowed the benefit of TDS in the current year in which income is offered to tax irrespective of the year in which it was deposited by the deductor. Even this treatment is in accordance with the provisions of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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