The Tax Publishers2020 TaxPub(DT) 0841 (Del-Trib) INCOME TAX ACT, 1961
Section 143(3)
Taking into consideration and keeping in view, the arguments of both parties, time available to assessee during assessment proceedings, examination undertook by AO on additional evidences filed by assessee before CIT(A) and remand report thereof, matter was set aside to AO to reconcile the mismatch of TDS vis-Ã -vis returned income of assessee.
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Assessment - Addition to income - Discrepancy of receipts between 26AS data and P&L account -
AO noticed that as per Form 26AS assessee's total receipts were Rs. 6,60,65,680, however, in P&L account, assessee has shown a total receipts of Rs. 1,81,72,612. Hence, AO required assessee to explain discrepancy between 26AS data and its P&L account. Assessee submitted reconciliation between receipts in Form 26AS and corresponding revenue recorded as per P&L account with respect to three sample parties. Since date of compliance to file all submissions and documents for assessee was the very next day and the submissions and documents were voluminous in nature and time given was too short and since assessee could not comply with show cause of notice, AO added difference of receipt shown in 26AS and P&L account amounting to Rs. 4,78,93,068 to total income of assessee. Assessee argued that details filed if considered with due diligence would reconcile the correct taxable income. Held:Taking into consideration and keeping in view arguments of both parties, time available to assessee during assessment proceedings, examination undertook by AO on additional evidences field by assessee before CIT(A) and remand report thereof, matter was set aside to AO to reconcile the mismatch of TDS vis-Ã -vis returned income of assessee.
REFERRED :
FAVOUR : Matter remanded.
A.Y. :
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