Rajendra Bhalchandra Mokashi Vs ITO (ITAT Mumbai)
ITAT Mumbai held that addition foisted upon the assessee in injudicious manner by the lower authority demonstrates lack of requisite care and caution since neither the initiation of reassessment proceedings nor the consequent addition was warranted.
Facts- Case of assessee was thus taken up for reopening u/s. 147 r.w.s. 148. AO observed that on going through the reply of the assessee, his contentions are not acceptable since in Form 26AS, he found that Rs.66,02,464/- is credited against the PAN of the assessee which assessee had not clarified. There is a corresponding TDS of Rs. 6,60,250/- in the Form 26AS against the PAN of the assessee. AO thus, completed the assessment by making an addition of Rs.66,02,464/- to the returned income of Rs.11,72,210/- totalling into total assessed income at Rs.77,74,674/-. Aggrieved, assessee went in appeal before CIT(A), who has passed a very cryptic order. Being aggrieved, the present appeal is filed.
Conclusion- Assessee has pointed out very categorically that gross amount credited in the Form 26AS downloaded by him is Rs.33,01,232/- with TDS of Rs.3,30,125/-. The addition made by the ld. Assessing Officer is exact twice this amount reflected in Form 26AS, which comes to Rs.66,02,464/-. Assessee thus, explained that what has been added by ld. Assessing Officer is twice the gross amount appearing in Form 26AS downloaded by the assessee. Though the submissions made by the assessee both before the ld. Assessing Officer and ld. CIT(A), none of the authorities below has acted with responsibility and in accordance to the provisions of the law to objectively consider the same and deal with it meritoriously.
