TMI Blog2022 (11) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 by the Hon ble High Court and the same was subjected to tax in AY 2017-18. Such being the case, there cannot be taxation for the same amount in the year under consideration i.e. Assessment Year 2013-14, which amounts to double taxation . In view of the same, the addition made in the Assessment year 2013-14 deserves to be deleted. Accordingly, we allow Ground No. 1 of the Assessee. Credit of TDS u/s 199 - HELD THAT:- The assessee offered the subject income for taxation in Assessment 2016-17 2017-18. As per Section 199 of the I.T Act, credit for tax deduction at source shall be given to the deductee for the assessment year for which such income is assessable. Therefore, with the above observations the Ground No. 2 deserves to be pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee has participated in the assessment proceedings. The assessment order came to be passed on 15/03/2016 by making an addition of Rs. 65,00,000/- as undisclosed credit u/s 68 of the Act and a sum of Rs. 11,89,532/- being interest earned on the fixed deposits, which have been shown in the profit and loss account, therefore, held the said income of the assessee under the head income from other sources , computed the total taxable income at Rs. 76,27,208/-. 4. Aggrieved by the assessment order dated 15/03/2016, the assessee has preferred an appeal before the CIT(A) and the Ld.CIT(A) vide order dated 30/08/2019 deleted the addition of Rs. 65,00,000/- made u/s 68 of the Act and sustained the addition of Rs. 11,89,532/- for interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case, assessee acquired the right to received income of Rs. 65,00,000/-after the passing of judgment dated 15/11/2016 by the Hon ble High Court and the same was subjected to tax in AY 2017-18. Such being the case, there cannot be taxation for the same amount in the year under consideration i.e. Assessment Year 2013-14, which amounts to double taxation . In view of the same, the addition made in the Assessment year 2013-14 deserves to be deleted. Accordingly, we allow Ground No. 1 of the Assessee. 10. So far as Ground No. 2 is concerned, the assessee offered the subject income for taxation in Assessment 2016-17 2017-18. As per Section 199 of the I.T Act, credit for tax deduction at source shall be given to the deductee for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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