SSJ Finance and Securities Pvt. Ltd. vs. Assessment Officer

Parties Involved

Facts Summary

During the year under consideration, the assessee received interest amounting to Rs.99,97,249/- with TDS deducted by respective parties. The Assessing Officer noted that the assessee had disclosed and offered an amount of Rs 47,87,140/ in the return of income, leading to an addition of Rs 52,10,109/- to the income of the appellant. The assessee submitted that Rs.47,87,140/- was offered under the head 'Income from Other Sources' and the balance income was shown under the heading 'Delay Payment Charges' in the Audited Balance Sheet. The CIT(A) directed the Assessing Officer to verify the facts submitted by the assessee, which included entries from specific parties. The assessee claimed that receipts from these parties were disclosed as 'Delayed Payment Charges’ under the head ‘Revenue from Operations’ which were duly offered to tax, and adding the same again leads to double taxation.…

Legal Issues

• 1. Whether the CIT(A) had the power to remand the matter back to the Assessing Officer for verification?
• 2. Whether the addition made by the Assessing Officer should be deleted?

Judgment Outcome

Decided in favour of Assessee.

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