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2017 (1) TMI 562 - AT - Income TaxReopening of assessment - reasons to believe - difference in TDS certificate and receipts shown in the P&L account - Held that:- In light of the ratio laid down by in the case of CIT vs. Orient Craft Ltd. (2013 (1) TMI 177 - DELHI HIGH COURT) find that the above decision would be squarely applicable in the present case because no fresh material is brought by the Revenue on record but the assessment has been reopened on the basis of the Form 26AS and the TDS certificate issued by the employer of the assessee, hence, no tangible material was before the AO apart from the TDS certificate, to form a belief that income has escaped assessment. Also further find that it is a settled law that an assessment could not be reopened only on the basis of difference in TDS certificate and receipts shown in the P&L account. In the background of the aforesaid discussions and respectfully following the precedents, hold that the reopening of assessment is not valid. - Decided in favour of assessee
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