9911796707
TMI Blog2022 (9) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... taken the following grounds of appeal:- "1.) (a) That on the facts and in the circumstances of the case, Ld. CIT(A) is erred in confirming the addition of AO who treated interest income of Rs. 92,28,545/- which never accrued to the appellant. (b) That on the facts and in the circumstances of the case, the order of Ld. CIT(A) is erroneous as because he ignored the facts that for the recovery of principal loan legal suit is pending in court and applying the theory of real income, no income ever accrued to the appellant. 2.) That on the facts and in the circumstances of the case, Ld. CIT(A) is erred in confirming the addition of interest income of Rs. 5,74,118/- without considering the merit of the income. 3.) That the appellant cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount in his return of income. 4. Now, the case of the Assessing Officer is that as per Form 26AS, M/s. Anjani Technoplast Ltd., has deducted TDS amounting to Rs.9,22,855/- on the interest income of Rs.92,28,545/- which the assessee has not shown in his return of income. The Assessing Officer, therefore, made the addition of Rs.92,28,545/- into the income of the assessee being interest income on the aforesaid loan aggregating to Rs.4,50,00,000/-. 5. Whereas the case of the assessee is that M/s. Anjani Technoplast Ltd. has failed to repay even the principal amount and litigation is pending and there was no likelihood of receiving any payment of principal or interest amount from M/s. Anjani Technoplast Ltd., therefore, there was no question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,63,716) 5 30-04-2010 Less: receipt of loan money from Anjani Technoplast vide cheques no 819838 (3,00,000) (8,23793) 6 31-03-2011 Credit balance of Anjani Technoplast transferred to the appellant by Sriram Compounds 1,19,67,870 7 31-03-2012 Credit balance of Anjani Technoplast transferred to the appellant by Sriram Compounds 3,22,08,157 4,41,76,027 8 20-11-2010 To 31-03-2012 Adjustment of Purchase of raw materials from Anjani Technoplast by Sriram Compounds Pvt. Ltd. (3,45,27,547) 9 Balance amount due from Anjani Technoplast by the appellant 96,48,480 6. Placing reliance on the aforesaid chart, it has been pleaded that even otherwise, only the amount which was outst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen the case of the assessee is that it has not received any amount during the year under consideration either on account of principal or on account of interest income from M/s. Anjani Technoplast Ltd. and even the litigation for the recovery of loan was also going on during the year. 9. In our view, it will not be justified in this case to charge income tax from the assessee on the interest income of Rs.92,28,545/- when neither such amount has been paid by M/s. Anjani Technoplast Ltd. to the assessee nor there is any likelihood of the payment of the same to the assessee and even the litigation is going on between the parties. Merely because, M/s. Anjani Technoplast Ltd. has deposited TDS amount of Rs.9,22,855/-, that itself will not faste ..... X X X X Extracts X X X X X X X X Extracts X X X X
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