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TMI Blog2016 (12) TMI 177X X X X Extracts X X X X X X X X Extracts X X X X ..... er words, the ACIT allowed the credit of TDS which was deducted during the year whereas the assessee following system of accounting wherein the commission was shown as income under on receipt basis and also corresponding TDS was claimed. Therefore, we are not in agreement with the conclusion drawn by the Id. CIT(A) that ACIT-CPC has rightly allowed credit of TDS from the commission as the assessee has claimed TDS which was deducted on 31.3.2011 whereas the TDS of ₹ 37,08,000/deducted during the financial year 2011-12 and the credit whereof was claimed in AY 2013-14 as the income was received in that year. The issue raised in this appeal stands covered by the decision of the Tribunal in the case of Mr. Anish Kapurchand Chandaria [2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said demand has arisen because the ACIT-CPC has granted credit of tax deducted at source of ₹ 37,08,000/- as against the amount of ₹ 44,17,925/- claimed by the assessee in the return of income. The ACIT-CPC allowed the credit only of ₹ 37,08,000/- which was deducted in financial year 2011-12 which was claimed by the assessee in the assessment year 2013-14 as the commission income on which the said TDS was deduced was also offered in AY 2013-2014. The assessee filed rectification application against the said intimation received u/s 143(1) dated 14.6.2013 and the ACIT-CPC passed order u/s 154 of the Act dated 29.4.2014 which was received by the assessee on 20.5.2014 which showed that the mistake was not corrected by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y granted only credit for TDS of ₹ 37,08,000/- against ₹ 44,17,925/- as claimed by the appellant in the return of income towards commission income for the aforesaid A.Y.2012-13. The appellant further contends that it seems that ACIT, CPC, Bangalore has given credit for TDS of ₹ 37,08,000/- which was deducted by M/s Aegis Logistics Limited in A.Y.2012-13. The appellant submitted that the commission income on which the tax of ₹ 37,08,000/- was deducted was offered to tax in A.Y.2013-14 and consequently, TDS of ₹ 37,08,000/- was claimed in A.Y.2013-14. Having taken note to the appellant's aforesaid contention and submission and then after having taken note to the appellant s aforesaid contention and submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44,15,455 deducted on the corresponding income of ₹ 1,42,89,500/- on account of commission received from M/s. Aegis Logistics Limited shown in the assessment year 2012-13 which was considered and followed in the earlier and succeeding year. The Id. DR relied heavily on the order of authorities below. 5. We have heard the rival contentions and perused the material placed before us including the order of co-ordinate bench of the Tribunal as relied upon by the assessee. We find that the assessee has shown income of from commission of ₹ 1,42,89,500/--AY 2012-13 on which TDS was deducted on 31.03.2011. We further find that the AO assessed the income as shown by the assessee, however, credit was allowed of ₹ 37,08,000/- whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 31-03-2011 and tax was stated to have been deducted at source by the deductor u/s. 195 of the Act amounting to ₹ 44,15,455/- which was reported to the Revenue to be pertaining to the assessment year 2011-12 while the said commission was stated to be subject to approval of shareholders which approval was accorded by the shareholders of Aegis Logistics Limited only in previous year 2011-12 and hence the assessee accounted for the income as well tax deducted at source thereon only in the assessment year 2012-13 which claim of credit of tax deducted at source was denied to the assessee in the assessment year 2012-13 on the ground that tax deducted at source pertained to the assessment year 2011-12 while credit of tax deducted at source ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Needless to say that the learned AO/ACIT(CPC) shall grant proper and sufficient opportunity of being heard to the assessee in accordance with the principles of natural justice in accordance with law. The assessee will be allowed to file all necessary and relevant evidences and explanations in support of his contentions. We order accordingly. 6. In view of the above facts and legal position, we find that the issue raised in this appeal stands covered by the decision of the Tribunal in the case of Mr. Anish Kapurchand Chandaria(supra). Therefore, respectfully following the decision of the Tribunal cited supra, we allow the appeal of the assessee for statistical purposes. 7. In the result, appeal of assessee is allowed for statistica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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