TaxTMI 
TaxTMI 
2017 (11) TMI 1140
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....of the case is that the assessee a co-operative Housing Society heaving income from other sources mainly from interest income such as interest received from cooperative bank and non-cooperative banks transfer fees received etc., filed its return of income for the assessment year under consideration declaring the total income of Rs. 3,25,930/-. The case was selected for scrutiny and accordingly notices under section 143 (2) and 142(1) of the Act were issued. In response thereof the authorised representative of the assessee appeared before the AO and furnished the requisite details. On the basis of submissions made on behalf of the assessee and the details submitted the AO made inter alia addition of Rs. 4,41,000/-on the basis of a AIR inform....
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....tically in the hands of the Appellant, therefore the ld. CIT (A) is wrong to confirm the addition and the same may be deleted. 2. Levy of Penal Interests The Appellant, on merits, denies its liability to penal interest." 5. This case was fixed for hearing for 11.10.17. When the case was called for hearing neither the assessee nor the authorized representative appeared. We noticed that on the earlier dates of hearing either the assessee did not appear or adjournments were sought on behalf of the assessee. So, we are convinced that the assessee is not interested in pursuing its appeal. Hence, we decided to dispose of this appeal on the basis of material on record after hearing the departmental representative (DR). Accordingly, we allo....
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.... for the reason that the amount is not offered to tax though the TDS is deducted on the entire amount. Whereas the appellant says that balance amount is for the purpose of deposit for security purpose and is a balance sheet item and cannot be added as revenue receipt. The appellant tries to reconcile the balance in the liabilities and says that an amount of Rs. 15,896/- only remains unsubstantiated from the balance sheet items. However he could not reconcile the same properly. In the submissions it is stated that an amount of Rs. 3,00,104 under three different heads in the balance sheet as mentioned in para 8.2. Again after that the appellant discussed the amount of Rs. 4,41,000/- and the TDS amount of 10% on such amount and net figure is a....
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....e facility and the said company agreed to pay the rent of Rs. 60,000/- per month besides security deposit. According to the assessee out of Rs. 11,61,000/- received from Vodafone, Rs. 7,20,000/- was received towards rent which was offered to tax and the remaining amount was received towards security. The authorities below have treated the remaining amount as revenue receipt for the reason that the assessee had claimed TDS of Rs. 1,16,100/- in computation of income. As per the AO the authorized representative of the assessee failed to explain as to why the company Vodafone deducted the tax at source on the entire payment if the part of it was towards security. On the other hand the Ld. CIT(A) affirmed the action of AO holding that the assess....