9911796707
TMI Blog2012 (3) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... essee accounted for the net commission at ₹ 41,19,613/-. He further noticed that the TDS was deducted on total contract amount of ₹ 96,32,530/-. On enquiry, assessee explained that some of the clients have deducted the tax on the reimbursed amounts also but the assessee s net commission was only ₹ 41,19,613/-. It filed various reconciliation statements. However, the Assessing Officer observed that the assessee did not explain the difference between ₹ 1.40 crores and ₹ 1.27 crores and further there were credits in the bank account to an extent of ₹ 1.60 crores and on the basis of the TDS certificates, the difference of ₹ 55,12,917/- was held to be the commission received by the assessee, not accounte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mean that the said receipt constitutes income of an assessee. Further the Authorized Representative has been able to reconcile the figures mentioned in the assessment order and bring out that the said amount of ₹ 1,40,54,731/- was not the correct figure and that the correct figures was ₹ 1,40,85,366/- which included an opening balance of debtors of ₹ 13,15,225/-. Clearly, no adjustment entries had been made by the appellant in their books to adjust or reduce the commission income received by them. Further, the Authorized Representative has been able to bring out that the Assessing Officer was wrongly guided by the impression that the credit entries in their bank account aggregated ₹ 1.60 crores. There is merit i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and forwarding agent and has correctly reconciled the amounts received during the year, which were very elaborately discussed by the CIT (A) in the order. Not only that the Assessing Officer also took some of the amounts wrongly and the assessee has clearly explained that the gross receipts of ₹ 1,40,51,731/- was not correct and the correct receipts was ₹ 1,40,87,304/-. It was further submitted that the gross bills raised was ₹ 1,27,70,141/- out of which agency charges of ₹ 41,19,613/- was correctly taken as commission, whereas receipts reimbursed to an extent of ₹ 81,49,477/- were spent on behalf of the clients and service tax of ₹ 5,01,051/- was also spent and reimbursed. The assessee was able to recon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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