9911796707
TMI Blog2023 (6) TMI 1033X X X X Extracts X X X X X X X X Extracts X X X X ..... 023 passed by the learned Commissioner of Income Tax (Appeals)- National Faceless Appeal Centre (NFAC), Delhi ("Ld. CIT(A)"), in the case of Zaid Enterprises ("the assessee") for the assessment year 2018-19, assessee preferred this appeal. 2. Brief facts of the case are that, the assessee is a partnership firm carrying on business of trading in beedileaves at Karimnagar. For the assessment year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Assessee preferred appeal before the learned CIT(A) and submitted that as a matter of fact, the net purchases subject to TCS was only Rs. 94,70,358/- and other expenses were to the tune of Rs. 1,95,235/-, whereas the CGST at 9% was Rs. 8,69,903/- and SGST at 9% was Rs. 8,69,903/-. Assessee, therefore, submitted that the learned Assessing Officer failed to notice the fact that the amount on which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore me in this appeal stating that the exclusive method treatment of taxes in the accounting followed by the assessee is not considered by the authorities below in fact such a method of accounting for taxes is permissible under law and also accepted by the department in earlier assessment years. Learned AR further contended that there are certain expenses like godown rent, charges on late payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- the difference of Rs. 15,44,567/- is straightaway added by the learned Assessing Officer to the income of the assessee under section 69C of the Act. 7. Learned CIT(A), however, considered the contention of the assessee that the invoice includes the CGST and SGST at 9% each. By calculating the same, the learned CIT(A) reached a figure of Rs. 17,39,811/-, which he included it to the cost price a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee by the learned CIT(A) that there are other expenses like godown rent, charges on late payment etc., to the tune of Rs. 1,95,235/-; and when that amount is considered, absolutely there is no difference and highly probablises the case of the assessee. I, therefore, do not see any discrepancy in the case of the assessee. The addition is not warranted. Accordingly, the addition is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
