9911796707
TMI Blog2025 (2) TMI 974X X X X Extracts X X X X X X X X Extracts X X X X ..... t'] whereby the Ld. CIT(A) had partly allowed the appeal against the Rectification Order dated 08/02/2023, passed under Section 154 of the Act for the Assessment Year 2012-2013. 2. The Appellant has raised following grounds of appeal : "1. The learned CIT(A) has erred in taxing the same interest income twice i.e. in AY 2010-11 and AY 2011-12 (on accrual basis) as well as AY 2012-13 (on receipt basis) despite acknowledging the fact that the Appellant had erroneously offered the same income to tax twice on the grounds that the Appellant had failed to file a revised return for AY 2010-11, AY 2011-12 and AY 2012-13. 2. The learned CIT(A) has erred in not granting the TDS credit of INR.35,35,638/- on the basis that the Appellant has failed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertains to Assessment Year 2012-2013. In the return of income for the Assessment Year 2012-2013, the Appellant offered to tax interest income of INR.15,65,78,250/- and claimed credit of TDS amounting to INR.1,56,57,825/-. The return of income filed by the Appellant, for the Assessment Years 2012-2013 was processed under Section 143(1) of the Act and credit of TDS of INR.35,35,638/- was denied to the Assessee. The rectification application filed by the Appellant before the Assessing Officer under Section 154 of the Act was rejected vide, order dated 08/02/2023. The Appeal preferred before the CIT(A) against the aforesaid rejection order was also dismissed by the CIT(A), vide order dated 19/02/2024. Therefore, the Appellant has preferred the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear that entire interest income had been offered to tax. Though the Appellant has incorrectly offered to tax income of INR.3,53,56,379/- twice, once on accrual basis in the preceding assessment year and then again on cash basis in the Assessment Year 2012-2013, it is settled legal position that there cannot be double taxation of same income in the hands of the same assessee. Per contra, the stand taken by the Assessing Officer and the CIT(A) is that the Appellant had itself offered to tax income of INR.3,53,56,379/- in the return of income. Since the Appellant had not filed revised return, the intimation issued under Section 143(1) of the Act on processing return of income does not suffer from any infirmity. Further, the credit of TDS as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6AS for the Assessment Year 2010-2011 and 2011-2012 has been offered to tax as income for the Assessment Year 2010-2011 and 2011-2012, respectively. In case the on verification, the aforesaid is found to be correct, the Assessing Officer is directed to recomputed the taxable income of the Appellant for the Assessment Year 2012-2013 by reducing from the aggregate interest income earned by the Appellant on CCDs for the Assessment Years 2010-2011, 2011-2012 and 2012-13 the amount of interest income already offered to tax for the Assessment Years 2010-2011 and 2011-12. The Assessing Officer is also directed to grant credit of TDS corresponding to the aforesaid income. In terms of the aforesaid, Ground No. 1 raised by the Appellant is allowed fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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