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2019 (4) TMI 1102 - AT - Income TaxReassessment u/s. 147 - retention money receipts form part of gross receipt but excluded in computation - allegation of double deduction - proceedings initiated after the end of four years from the end of relevant assessment year - rectification u/s 154 - HELD THAT:- Assessee has declared in the gross receipts of his business the sums which were claimed as retention money and income which did not accrue to the Assessee. Therefore, the contention of the revenue which is based on observations in the order of the AO that the Assessee did not include the retention money in the gross receipts and therefore the Assessee is claiming double deduction, is contrary to facts and not supported by any material on record. On the contrary the Assessee has demonstrated before us that the gross receipts declared in the profit and loss account includes the sum claimed as retention money which was not offered to tax on account of its alleged non-accrual. Therefore, the argument of the DR that there was failure on the part of the Assessee to fully and truly disclose all material facts relevant for assessment of his income for the relevant Assessment year is without merit. Consequently, the proviso to Sec.147 of the Act is applicable in the present case. Since there was no failure on the part of the Assessee as is contemplated by the proviso to Sec.147 of the Act and since the Assessment u/s.147 is sought to be made after the period contemplated under the proviso to Sec.147 of the Act, we hold that the initiation of the reassessment is bad in law and the order of reassessment is therefore annulled. - Decided in favour of assessee.
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