9911796707
TMI Blog2024 (8) TMI 539X X X X Extracts X X X X X X X X Extracts X X X X ..... t, though the excise license is in his name, he has not declared the income as declared by the assessee and has also not claimed the credit of TCS a The assessee has been consistently carrying on business in this similar fashion as has been recorded by the erstwhile CIT(A) in the appellate orders passed for the preceding assessment years placed in the paper book referred to by the Ld.AR. Every year, this issue was considered and allowed in favour of assessee based on the declaration given by Mr. Prashanth Shetty. The declaration given by Mr. Prashanth Shetty reproduced hereinabove is verifiable by the authorities below. DR before us also could not establish any contrary to what has been stated in the declaration by Mr. Prashanth Shetty. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the excise license. It is submitted that the license holder has not reflected the purchases and sales in the return of income. 2.4 It was thus submitted by the assessee that when the income from sale is offered by the assessee, TCS made on behalf of that business must also be given credit to the assessee only. In support of the contention, the assessee relied on the decisions of Hon ble Madras High Court in case of CIT vs. Tanjore Permanent Bank Ltd. reported in 149 ITR 788 and Hon ble Andhra Pradesh High Court in case of CIT vs. Bhooratnam Co. reported in (2013) 29 taxmann.com 275. The CPC however did not appreciate the submission of the assessee and made addition and adjusted the prepaid taxes as TDS against the demand due for A.Y. 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation furnished by the alleged collector. Therefore, the credit for the same cannot be allowed. Accordingly, this ground of appeal is dismissed. 2.6 Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before this Tribunal. 3. The Ld.AR submitted that, there was a mutual understanding wherein assessee declared the income from business and collected TCS despite the fact that the TCS collected was reflecting in the license holder s account. She submitted that the assessee offered the income from the sale proceeds as business income in its hand and therefore denial of TCS credit solely for the reason that the ownership of the license was with another person is not as per the ratio laid down in the decisions relied by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Shetty. It is noted that Mr. Prashanth Shetty provided a declaration stating that, though the excise license is in his name, he has not declared the income as declared by the assessee and has also not claimed the credit of TCS amounting to Rs. 1,69,337/-. The declaration was filed by Mr. Prashanth Shetty is annexed herewith as under: 4.2 The assessee has been consistently carrying on business in this similar fashion as has been recorded by the erstwhile Ld.CIT(A) in the appellate orders passed for the preceding assessment years placed in the paper book from pages 9-43 referred to by the Ld.AR. 5. Every year, this issue was considered and allowed in favour of assessee based on the declaration given by Mr. Prashanth Shetty. The declaration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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