9911796707
TMI Blog2016 (2) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2004-05. 2. Sole issue raised by assessee in this appeal is that Ld. CIT(A) has erred in confirming the addition of Rs. 28,30,098/- on account of Tax Deducted at Source (TDS) certificate issued and claimed by assessee. During the assessment proceedings, Assessing Officer asked the assessee to submit the list of receipts as per TDS certificate in comparison to the receipt as per accounts and same is furnished below:- Name of deductor Total TDS deducted Total T.O. as per TDS certificate Corresponding T.O as per accounts Difference, if any ADMAAC (South, West) 86,558/- 8,65,578/- - - 8,65,578/- PNB, Kolkata 2,47,610/- 12,07,852/- - 10,32,510/- 1,75,342/- SBI, Howrah 1,14,417/- 11,44,163/- - - - 11,44,163/- -do- 1,2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already offered for taxation in the earlier year is an after-thought and it is unsubstantiated and fresh explanation which is unacceptable." Being aggrieved by this order of Ld. CIT(A) assessee preferred second appeal before us on the following ground:- "1) That the Commissioner of Income Tax (Appeals)-XIV has erred, both on facts and circumstances of the case in confirming addition of Rs. 28,30,098/- as made by A.C.I.T. on basis of TDs certificates issued and claim made by assessee on basis of system of accounting of interest income being consistently followed by the assessee Company." 4. We have heard both the parties and perused the materials available on record. Before us Ld. AR submitted paper book running pages from 1 to 34 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rual basis. However, the PNB paid interest on the fixed deposit in AY 2004-05 on the basis of cash accounting system, so the TDS was deducted in the AY 2004-05. In support of his claim the ld. AR has produced interest certificate for an amount of Rs. 175342.00 from the PNB clarifying that this is the interest pertaining to the financial year 2000-2001 which is placed at page 23 of the paper book. The ld. AR claims that the assessee has offered such income for taxation in the assessment year 2001-02 and in support of his claim the assessee has submitted audited interest income schedule along with the breakup of the interest which are placed on page 10 and 11 of the paper book. As regards, two TDS certificates issued from SBI, Howrah for an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. As per AO the assessee has declared less income and claimed the full credit of the TDS. Accordingly the AO has added the undisclosed income for the above stated amount. However, we find from the submission of Ld.AR that all the income having duly shown in the relevant year by assessee and tax thereon has been duly paid as per mercantile accounting system. The reason for the difference was mainly on account of interest income which the assessee has declared on the basis of mercantile accounting system and the payer deducted the TDS on the cash basis of accounting. The ld. AR has submitted sufficient number of documents in the form of the paper book and we found no ambiguity from the details submitted. In view of above, we reverse the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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