2025 (2) TMI 974

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...., 1961 [hereinafter referred to as 'the Act'] whereby the Ld. CIT(A) had partly allowed the appeal against the Rectification Order dated 08/02/2023, passed under Section 154 of the Act for the Assessment Year 2012-2013. 2. The Appellant has raised following grounds of appeal : "1. The learned CIT(A) has erred in taxing the same interest income twice i.e. in AY 2010-11 and AY 2011-12 (on accrual basis) as well as AY 2012-13 (on receipt basis) despite acknowledging the fact that the Appellant had erroneously offered the same income to tax twice on the grounds that the Appellant had failed to file a revised return for AY 2010-11, AY 2011-12 and AY 2012-13. 2. The learned CIT(A) has erred in not granting the TDS credit of I....

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....-2012 were accepted without any variation. 4. The present appeal pertains to Assessment Year 2012-2013. In the return of income for the Assessment Year 2012-2013, the Appellant offered to tax interest income of INR.15,65,78,250/- and claimed credit of TDS amounting to INR.1,56,57,825/-. The return of income filed by the Appellant, for the Assessment Years 2012-2013 was processed under Section 143(1) of the Act and credit of TDS of INR.35,35,638/- was denied to the Assessee. The rectification application filed by the Appellant before the Assessing Officer under Section 154 of the Act was rejected vide, order dated 08/02/2023. The Appeal preferred before the CIT(A) against the aforesaid rejection order was also dismissed by the CIT(A), vid....

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....ncome for the Appellant and from the returns filed by the Appellant it was clear that entire interest income had been offered to tax. Though the Appellant has incorrectly offered to tax income of INR.3,53,56,379/- twice, once on accrual basis in the preceding assessment year and then again on cash basis in the Assessment Year 2012-2013, it is settled legal position that there cannot be double taxation of same income in the hands of the same assessee. Per contra, the stand taken by the Assessing Officer and the CIT(A) is that the Appellant had itself offered to tax income of INR.3,53,56,379/- in the return of income. Since the Appellant had not filed revised return, the intimation issued under Section 143(1) of the Act on processing return o....