2022 (10) TMI 254

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.... by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals)-II, Nagpur on 28-06-2013 in relation to the assessment year 2007-08. 2. The only issue raised in this appeal is against not allowing credit for the TDS amounting to Rs.10,72,669/-. 3. Briefly stated, the facts of the case are that the assessee derived income from the business of supply of loading labo....

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....aving heard the rival submissions and perused the relevant material on record, it is seen that the assessee admittedly claimed credit for TDS of Rs.10.72 lakh on the corresponding provision for receipt of Rs.4.76 crore, which was not offered for taxation. The claim of the assessee before the Tribunal is that the provision for receipt of Rs.4.76 crore does not represent any income as it was only a ....

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....ment Ltd. estimated a provision on which tax of Rs.10.72 lakh was deducted at source. On going through the break-up of such amount of Rs.4.76 crore, it is seen that it comprises of four items, namely, Gratuity settlement of Rs.3.48 crore; LTA Advance of Rs.32,10,000/-; Bonus/ex-gratia reimbursement of Rs.88.72 lakh; and Bonus/ex-gratia reimbursement of Rs.7.69 lakh. Thus, it can be seen that there....

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....6 crore did not accrue to the assessee during the relevant financial year and as such was not offered for taxation. This implies that the assessee contended before the AO that though it was a business receipt, but did not pertain to the year under consideration. Thus, it is vivid that there are different versions about the receipt of Rs.4.76 crore. When the nature of receipt itself is unclear as t....