9911796707
TMI Blog2019 (2) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... sum of its receipts as income as per Form 26AS statement. The assessee mainly derives commission income only from the parties/payers concerned after maintaining ledgers of its customers whose payments are made in advance. As rightly not treated all the receipt amounts as its income as confirmed by the corresponding ledger accounts. We make it clear that these clinching ledger accounts of its parties have gone unrebutted during the course of assessment as well as the instant second appeal proceedings before us. We conclude in these facts that the CIT(A) has rightly deleted the impugned addition made by the Assessing Officer alleging lack of reconciliation between assessee’s total receipts vis-a-vis the income component admitted therein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arties considered by the AO as having not being included by the appellant within the list of party wise details as submitted before the AO are being enlisted in the list. The AR has explained the discrepancies with respect to each party. The crux of the matter is that the additions have been made on account of either time difference or on account of classification difference. In respect of one party in the name of Vasavadatta Cement amounting to ₹ 2,22,13,261/- it was explained by the AR of the appellant that during the year under consideration, it received a total amount of ₹ 75,23,738/- against their payment for 3 groups operated during the year and also a small amount of ₹ 21,000/- towards Staff Welfare. It was explaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of letter dt. 29/06/2018 from M/s. Centrum Direct Limited regarding payment of ₹ 99,247/-. This assessee is engaged in travel agent and tour operation business. The only issue herein is that of re-conciliation of the corresponding statements in from 26AS vis-a-vis assessee s computation of income declared pertaining to the impugned assessment year. The CIT(A) has examined assessee s all seven parties ledgers, details and receipt in issue to come to the conclusion that it had rightly not treated gross sum of its receipts as income as per Form 26AS statement. We reiterate that the assessee mainly derives commission income only from the parties/payers concerned after maintaining ledgers of its customers whose payments are made in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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