9911796707
TMI Blog2013 (12) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... - The issue is restored for fresh adjudication. Credit of TDS - Held that:- The assessee has not received the TDS certificate in physical form - He has claimed the credit only on the basis of Form 26AS - The issue is restored for fresh adjudication. Interest income understated - Held that:- The addition has been made on the basis of AIR information disregarding the facts of interest shown in the books of account - The issue is restored for fresh adjudication. Remuneration to partners - Held that:- The capital gains has not been considered for the purpose of computing the remuneration to partners in the computation of income - Interest on FDR, the assessee has been showing interest on fixed deposits as its business income since past ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived by the assessee. The AO treated this unreconciled amount as income of the assessee. 4. In appeal before the CIT(A), the assessee claimed that it is maintaining its books of accounts on cash basis and, therefore, the unreconciled amount relates to the fees which has not been received by the assessee during the year under consideration. The assessee once again filed the details of the amount remained unreconciled. After considering the submissions of the assessee, the CIT(A) observed that in some cases the assessee has claimed TDS amount, though the income was not shown in its books of accounts. The CIT(A) further observed that in respect of TDS certificate of Rs.4,079/-, the assessee has not accounted for the income at Rs.31,921/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been received by the assessee. The assessee is also directed to show that the TDS amount claimed by the assessee has been shown as its income during the year under consideration. The AO is directed to verify the claim made by the assessee and the reconciliation statement filed by the assessee after giving a reasonable opportunity of being heard to the assessee. Ground No.1 is allowed for statistical purposes. 8. Ground No.2 relates to declining of the credit of TDS amounting to Rs.28,493/-. 9. It is the claim of the assessee that it has taken credit of the TDS of Rs.28,493/- on the basis of 26AS as the assessee has not received the TDS certificate in physical form from its clients. This issue also needs reverification. Hence, we also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in the books of account. We find that this contention of the assessee needs reverification by the AO. We, accordingly, restore this issue back to the files of the AO. The AO is directed to verify the claim of the assessee. The AO is directed to verify the actual interest paid by the bank directly calling for the details from the banks , after giving a reasonable opportunity of being heard to the assessee. Ground No.3 is allowed for statistical purposes. 14. Ground No.4 relates to disallowance of Rs.31,852/- out of remuneration to partners. 15. During the course of the scrutiny assessment proceedings, the AO noticed that the assessee has shown interest income and profit on sale of shares amounting to Rs.47,620/- and Rs.32,010/-. The AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the lower authorities and the submissions made by the rival parties. So far as the capital gains of Rs.32,010/- is concerned, it cannot form part of the book profit by any stretch of imagination. We, therefore, restore this issue back to the files of the AO. The AO is directed to verify whether the assessee has excluded the capital gains while computing the remuneration paid to the partners or not. So far as the interest on fixed deposits of Rs.47,620/- is concerned, the claim of the assessee has to be verified as to whether it has been showing the same as business income in earlier years while computing the remuneration paid to the partners. The AO is directed to verify the claim of the assessee keeping in mind that the interest accr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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