TMI Blog2023 (10) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... framing the assessment, had admittedly, due to paucity of time, not deliberated upon the aforesaid explanation of the assessee, therefore, in our considered view, the matter in all fairness requires to be restored to his file. Needless to say, the A.O. shall, in the course of the set-aside proceedings, afford a reasonable opportunity of being heard to the assessee firm, which shall remain at liberty to substantiate its claim on the basis of fresh documentary evidence. Thus, the Grounds raised by the assessee firm are allowed for statistical purposes in terms of our aforesaid observations. - SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER For the Appellant : Shri Rahul Jain, Advocate For the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crutiny assessment u/s. 143(2) of the Act. 3. During the assessment proceedings, it was observed by the A.O. that while the gross receipts of the assessee from M/s. Thermax Ltd., as per Form 26AS, was shown at Rs. 60,74,715/-, but the assessee firm had credited the same in its books of accounts at Rs. 43,23,770/-. On being queried about the aforesaid discrepancy, the assessee, based on a detailed reconciliation statement, stated that the receipt in books was more than the receipt disclosed in his Form 26AS. Elaborating on his aforesaid claim, it was submitted by the assessee, viz. (i). that part of the receipts was accounted for as mobilization advance: Rs. 7,32,229/-, on which tax had been deducted at source; and (ii) that the amounts o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in case of difference. f. The assessee has also accepted in reply that there is difference of Rs 6/-. It is arrived even after assuming the figures mentioned in 26AS. As the time limitation for framing of the assessment was fast approaching, therefore, the A.O without making any further inquiry, held the amount which the assessee claimed to have been accounted for in the immediately preceding year, i.e. Rs. 10,08,710/- i.e. [Rs. 8,35,790/- (+) Rs. 1,72,920/-] as income of the assessee for the year under consideration. Accordingly, the A.O. vide his order passed u/s. 143(3) dated 29.12.2016 determined the income of the assessee at Rs. 60,61,030/-. 4. Aggrieved the assessee carried the matter in appeal before the CIT(Appeals) but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re us. 6. We have heard the ld. Authorized representatives of both the parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by the Ld. AR to drive home his contentions. 7. Controversy involved in the present appeal lies in a narrow compass, i.e., sustainability of the addition of Rs. 10,08,710/- made by the A.O. towards suppressed contract receipts accounted for by the assessee firm as against those reflected in its Form 26AS. As observed by us hereinabove, it is the claim of the assessee that the impugned variance/difference in receipts disclosed in its books of account as against that gathered by the A.O as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter in all fairness requires to be restored to his file. Needless to say, the A.O. shall, in the course of the set-aside proceedings, afford a reasonable opportunity of being heard to the assessee firm, which shall remain at liberty to substantiate its claim on the basis of fresh documentary evidence. Thus, the Grounds of appeal No.1 2 raised by the assessee firm are allowed for statistical purposes in terms of our aforesaid observations. 10. Before parting, we may herein observe that in case the A.O is of the view that the aforesaid amount of Rs. 10,08,710/- (supra), i.e., as claimed by the assessee firm to have been offered for tax in the immediately preceding year, i.e., A.Y. 2013-14 is to be subjected to tax during the year under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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