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2015 (9) TMI 263 - AT - Income TaxReopening of assessment - difference of ₹ 5,79,332 in the gross receipts reflected in the TDS certificates, vis-avis the gross receipts as per in the Profit & Loss Account - Held that:- In the present case before us, since no additions were made in relation to the grounds for which the assessment was reopened, the scope of additions cannot be enlarged to include incomes which are not within the realm of the re-opening of the assessment. The reopening of the assessment, as per the reasons recorded for that purpose, was only in relation to reconciliation of receipts shown in the TDS certificates and the receipts credited in Profit & Loss Account, and hence, following the decision of the Bombay High Court in the case of Jet Airways (2010 (4) TMI 431 - HIGH COURT OF BOMBAY ), we find that the impugned re-assessment made by the Assessing Officer cannot be upheld. As decided in case of Meheria Reid & Co. Vs. ITO, [2013 (2) TMI 348 - ITAT KOLKATA] a variation in the 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 Mere fact that matter needs to be verified and examined further can never be a reason good enough to believe that income has escaped assessment and to invoke the reassessment proceedings. Thus we cancel the re-assessment made under S.14(3) read with S.147 - Decided in favour of assessee.
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