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2015 (9) TMI 1344 - ITAT MUMBAIAddition on un-reconciled professional receipts on the basis of difference between the information gathered from the Annual Information Report(AIR) and professional receipts declared as per books of account - Held that:- We set-aside the order of the CIT(A) and direct the Assessing Officer to delete the addition on the ground that the differences between the information gathered from AIR and the professional receipts as per books of account is not corroborated by any third party evidence to suggest any nondisclosure of professional receipts by the assessee for the year under consideration - Decided in favour of assessee. Computation of interest chargeable under section 234B - whether interest payable under section 234A of the Act, for the purposes of section 140A of the Act, is to be computed with respect to the tax payable on the income returned or on income determined in the regular assessment - Held that:- Identical controversy has been considered by the Tribunal in the assessee’s own case for A.Y 2000-01 and 2001-02 and we agree with the submission made by ld. A.R that the interest payable under section 234B for the purpose of adjustment against the tax paid under section 140A has to be computed with respect to assessed tax determined on the basis of total income declared in the return. But this is only for the limited purpose of adjustment of payment made u/s. 140A against interest payable under section 234B while making computation of interest payable by the assessee under section 234B, which has to be computed with respect with respect to the total income determined in regular assessment as per the definition of assessed tax given in section 234B. The assessee has also followed the same procedure with which we agree. The or of CIT(A) confirming the method followed by the AO is therefore, set aside and the claim of the assessee is allowed - Decided in favour of assessee for statiscal purposes.
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