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TMI Blog2018 (12) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... scount in the returns of income and offered for taxation. The office of the Sr. AR has filed a copy of AO’s letter dated 16.08.2017 addressed to Sr. AR confirming that M/s Somasundaram, the recipient has admitted the entire discount by means of credit entry in redrying and threshing charges in their books. AO has confirmed that the assessee has allowed the discount and the recipient had admitted the additional discount in the hands of the recipient, there is no case for making the addition again in the hands of the assessee and accordingly we uphold the order of the CIT(A) and dismiss the appeal of the revenue. - I.T.A.No.330/Viz/2016 And Cross Objection No.19/Viz/2017 - - - Dated:- 20-12-2018 - SHRI V. DURGA RAO, JUDICIAL MEMBER AND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO that during the A. Y. 2006-07, it has received the redrying and threshing charges of ₹ 13,29,85,816/- and offered discount to M/s Polisetty Somasundaram (M/s Somasundaram in short) a sum of ₹ 2,06,01,981/- in redrying charges and a sum of ₹ 13,28,760/- in processing charges aggregating to ₹ 2,19,30,741/- for procuring the business and the balance sum of ₹ 11,10,55,075/- was offered for taxation, thus there is no difference and no short admission of income. The assessee submitted the party-wise details of the receipts and the tax deducted at source. The AO has called for the evidences for allowing the additional discount to M/s Polisetty Somasundaram. Due to assessee s failure to furnish the evidence, the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm and paid taxes thereon. The Ld. CIT(A) held that the receipts admitted in the Profit Loss account were reconciled and there was no difference in the income admitted and the TDS receipts. Accordingly allowed the appeal of the assessee. 4. Aggrieved by the order of the Ld. CIT(A), the revenue has filed the appeal before us. 5. We have heard both the parties and perused the material placed on record. In this case, as per the TDS certificates, the assessee has received ₹ 12,17,87,359 towards redrying and threshing charges for the financial year 2006-07 and admitted a sum of ₹ 11,10,55,075/- in P L a/c under redrying and threshing charges, thus there is a difference of ₹ 1,07,32,284/-. During the assessment proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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