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2013 (11) TMI 8 - ITAT HYDERABADRe-opening of assessment u/s 147 on the basis of TDS Certificates Held that:- There was no other fresh tangible material before the Assessing Officer apart from the TDS certificates submitted with the return for forming a belief that income has escaped assessment - Assessment could not have been reopened only on the basis of difference in the TDS certificate and receipts shown in the P & L A/c Reliance has been placed on the judgment of Kolkata Bench of Honble Tribunal in the case of Meheria Reid & co. Vs. ITO [2013 (2) TMI 348 - ITAT KOLKATA], wherein it has been held that assessment has been reopened on the ground that there is discrepancy between professional income declared by the assessee and the professional income as per TDS certificates and that it requires verification to find out whether any taxable income has escaped assessment There is nothing in the reasons to indicate that there is escapement of income A variation in these two figures does not necessarily lead to escapement of income Mere need to verify the discrepancy does not bring the matter within the scope of cases in which reassessment proceedings can be validly initiated There is subtle, though significant, distinction between reason to believe and reason to suspect While the former is good enough to hold that income has escaped assessment and initiate suitable remedial measures in respect thereof, the latter can, at best, be the ground to verify and examine the matter further. In the present case, assessee has shown receipt of ₹ 1,20,35,798/- in its books of accounts is of no consequence as such figure has not been taken into account by the Assessing Officer while computing the income. As would be evident from the assessment order, the Assessing Officer is only considering receipt of ₹ 85,33,333/- as mentioned in the TDS certificate. Thus, considering the totality of facts and the circumstances of the case, the addition of ₹ 50,98,000 to the income of the assessee for the impugned assessment year is legally not sustainable and accordingly Decided in favor of Assessee.
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