Case Law Details
IDBI Capital Markets & Securities Ltd. Vs DCIT (ITAT Mumbai)
Conclusion: Since AO had not considered revised return of income which was filed within prescribed period of limitation for the difference between income disclosed in return and total receipts as per Form 26AS, therefore, the matter was remanded back to AO with direction to verify the fact and grant relief to assessee in accordance with law.
Held: AO took his view that income disclosed by assessee as per return of income was ₹ 38.04 crore; whereas the total receipt as per Form 26AS was ₹ 54.14 crore and the difference of two figure remained unexplained by assessee. Accordingly AO treated the same as income of assessee. Commissioner (Appeals) confirmed the action of AO with similar observations. It was held that the allegation of AO was that TDS disclosed in the return of income was only of ₹ 3.03 crore; whereas as per Form 26 AS was ₹ 5.18 crore. It was noted that in the ordinal return of income assessee claimed TDS of ₹ 3.03 crore however, in the revised return of income filed by assessee, assessee claimed TDS of ₹ 6.53 crores . This fact clearly showed that AO had not considered the revised return of income. The revised return of income was filed within prescribed period of limitation under the Act. Considering the fact that AO had not considered the revised return of income filed by assessee within time, The matter was restored to the file of AO to verify the fact and grant relief to assessee in accordance with law.
FULL TEXT OF THE ITAT JUDGEMENT
1. This appeal by assessee is directed against the order of learned Commissioner (Appeals)-9 (the learned Commissioner (Appeals)), Mumbai dt. 18-10-2016 for assessment year 2012-13. The assessee has raised the following grounds of appeal:
Please become a Premium member. If you are already a Premium member, login here to access the full content.
