9911796707
Advanced Search 
TMI Blog2016 (6) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... rder was revised by the Commissioner whereby a sum of Rs. 17,00,887/- was added to the income returned by the assessee on the ground that the amounts correspond to the TDS certificates having been offered for tax. The first appellate authority had dealt with this aspect in its orders dated 09.02.2009; paragraph 4 of which reads as under: 4. The last ground of appeal is against the addition of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... buyers. 4.3 On perusal of the relevant parties account, I agree with the contention of the appellant. AO has erred in ignoring the debits made to the assessee's account by the seller parties. He failed to appreciate that the credit & debit balances in the books of the sellers were not on account of brokerage alone but after adjustment of the brokerage against the amounts due from buyers for whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the Tribunal. The Tribunal, in fact, considered this aspect in its orders dated 03.02.2014 and recorded as under: "..... In the circumstances, even the TDS certificates would not be a clinching material to determine the actual income assessable in the hands of the assessee. In any event, the CIT(A) while accepting the claims of the assessee with regard to the returned incomes for th years under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of the brokerage would depend on the actual realization of the sale proceeds by the seller from the purchaser, as claimed by the assessee and accepted by the CIT(A), assessee is justified in following cash system of accounting, finding it to be appropriate for its business. When the assessee claims to be following that method of accounting consistently, and it has been recognized by the stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
