TaxTMI 
TaxTMI 
2023 (10) TMI 134
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar 2008-09. 2. When this appeal was called for hearing neither anyone appeared on behalf of the assessee nor was any application seeking adjournment filed. From the perusal of the record, we find that the notice issued through Registered post A/D was also returned unserved by the postal authorities. Therefore, in view of the above, we proceed to decide the present appeal ex- parte qua the assessee after hearing the learned Departmental Representative and on the basis of material available on record. 3. In its appeal, the Revenue has raised the following grounds:- "1. Whether on the facts of the case and in law, the Ld.CIT(A) was correct in deleting the additions made in the basis of entries in the books of account with respec....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and as per Form no.26AS tax credit of TDS appearing in assessee's claim was Rs. 27,32,540, which was deducted by M/s Sigrun Realities Ltd and the amount paid by them to the assessee was Rs. 12,05,88,663 during the year. During the reassessment proceedings, as per the information available on ITS, it was observed that during the year under consideration, contractual payments were received by the assessee amounting to 12,05,88,663 from M/s Sigrun Realities Ltd. It was further observed that as per the profit and loss account, the assessee has recognised income of contractual payments amounting to Rs. 9,85,88,663 only. Accordingly, the assessee was asked to reconcile the difference in the fees as per the profit and loss account and as per the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the assessee, however the same were not responded to by the assessee. In the absence of any details and explanations from the assessee, the AO vide order dated 31/03/2015 passed under section 143(3) read with section 144 read with section 263 of the Act completed the assessment on the basis of material available on record and made an addition of Rs. 2,26,08,779 in view of the directions of the learned CIT under section 263 of the Act. The learned CIT(A), vide impugned order, deleted the addition of Rs. 2,20,68,779 made by the AO and directed that the TDS claim for the year under consideration will be restricted to the TDS referable to the receipt/income of Rs. 9,79,79,884 and the balance excess claim for TDS pertaining to receipt of Rs. 2,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aid receipt from the income offered to tax in the subsequent years and thus the receipt of Rs. 2,20,68,779 which was shown as an advance in the year under consideration has been taxed twice. Thus, after considering the submissions of the assessee and the remand report filed by the AO, the learned CIT(A) directed the AO to delete the addition of Rs. 2,20,68,779 and also restrict the TDS claim made by the assessee in the year under consideration only in respect of the income of Rs. 9,79,79,884 for the assessment year 2008-09. 8. As there is no dispute regarding the preparation of the financial statement by the assessee as per AS-9, wherein the assessee offered to tax the income to the extent of project completed and the balance amount was ....