SRI VICKY JAISWAL ,HOOGHLY vs. ITO, WARD - 23(1), HOOGHLY , HOOGHLY

The assessee in the present case is an individual who is engaged in the business of trading. The return of income for the year under consideration was filed by him on 02.10.2014 declaring a total income of Rs. 7,67,248/-. During the course of assessment proceedings, the assessee could not produce books of account as well as other supporting records for the verification of the AO. The AO, therefore, proceeded to complete the assessment u/s 144 to the best of his judgement vide order dated 07.03.2016 wherein he disallowed the entire expenses of Rs. 11,73,178/- debited to the profit and loss

Vicky Jaiswal account of the assessee. On appeal, the Ld. CIT(A) confirmed the said disallowance. Aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal.

I have heard the arguments of both the sides and also perused the relevant material available on record. At the time of hearing, the learned counsel for the assessee has not pressed the ground originally raised by the assessee in this appeal challenging the disallowance of Rs. 11,73,178/- made by the AO and confirmed by the Ld. CIT(A). He however has filed an additional ground raising the issue relating to assessee’s claim for the credit of TCS amounting to Rs. 2,78,212/-. He has urged that this additional ground may be admitted and AO may be directed to allow the claim of the assessee for credit on account of TCS after necessary verification. Since the learned DR has not raised any objection in this regard, I admit the additional ground raised by the assessee and remit this matter to the Assessing Officer with the direction to consider and allow the claim of the assessee for credit on account of TCS after necessary verification.