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TMI Blog2016 (10) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... ngaged in the business of manufacturing and trading of electrical stampings, transformers, etc. Assessee electronically filed its return of income on 29/10/2009 for AY 2009-10 declaring total income of Rs. 3,69,55,273/-. The case was selected for scrutiny and thereafter assessment was framed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") vide order dated 16/12/2011 and the total income was determined at Rs. 4,12,45,963/-. Aggrieved by the order of the Assessing Officer (AO), assessee carried the matter before the ld.CIT(A), who vide order dated 07/12/2012 (in Appeal No.CIT(A)-XI/266/Addl.CIT.R-5/11-12) granted partial relief to the assessee. Aggrieved by the order of the ld.CIT(A), assessee is now in appeal be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in AY 2010-11. The submission of the assessee was not found acceptable to the AO as he was of the view that since assessee had claimed credit for TDS on the aforesaid sum, it should have accounted the amount of Rs. 40 lacs in the year under consideration as the amount had accrued to the assessee. He accordingly made addition of Rs. 40 lacs. Aggrieved by the order of AO, assessee carried the matter before the ld.CIT(A), who upheld the order of AO by holding as under:- "3.3. I have carefully considered the rival contentions. I hav e also perused the facts available on record. It is seen that the appellant has received payment of Rs. 40,00,000/- from M/s.Alstom Project India Ltd. This payment was received vide cheque No.38514 dated 31.3.2009 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lization of cheque amount in the bank account cannot be the date of accrual as per mercantile system of accounting. The facts available on record conclusively proves that the payment of Rs. 40,00,000/- was made vide cheque no.38514 dated 31.3.2009. Accordingly, I am of the considered view that the receipt of Rs. 40,00,000/- has accrued during the year under consideration and as per mercantile system of accounting the same should be accounted for in the current year itself. (ii) It is a matter of fact that M/s.Astom Project India Ltd. has deducted tax at source of Rs. 90,640/- on this payment of Rs. 40,00,000/-. The appellant has claimed credit of this TDS in the current assessment year i.e. A.Y. 2009-10. The credit of TDS of Rs. 90,640/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.4. During the appellate proceedings the appellant has contended that it is not a case of evasion as the receipt of Rs. 40,00,000/- has been accounted for in the next assessment year. I am not inclined to agree with the arguments of the appellant as the receipt of Rs. 40,00,000/- has accrued to the appellant in the current year and as per consistent method of accounting followed by the appellant the receipt of Rs. 40,00,000/- needs to be accounted for in the current assessment year. In view of above, addition of Rs. 40,00,000/- is confirmed. This ground of appeal is dismissed." 4. Aggrieved by the order of ld.CIT(A), assessee is now in appeal before us. 5. Before us, ld.AR reiterated the submissions made before the AO and ld.CIT(A) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also assessee's contention that if addition is made in the year under consideration it would amount to double taxation of the same income. We find force in the contention of the assessee but however apart from the oral contentions, assessee has not placed any material on record to demonstrate that the amount has been offered to tax in subsequent years. In view of these facts, we are of the view that the matter needs to be re-examined at the end of AO. We therefore set aside the issue to the file of AO to verify and see that the same amount is not taxed twice, i.e. in AY 2009-10 and in AY 2010-11. In case, the amount is found to be taxable in AY 2010-11, then suitable credit of TDS be given to the assessee in accordance with law but in c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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