Dineshbhai Muljibhai Patel Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition towards undisclosed receipts not sustainable since the amount stand reconciled. Accordingly, order set aside and appeal filed by the assessee allowed.
Facts- The assessee is engaged in the business of electrical work, installation and consultancy in the name of Amal Electricals. The assessment order made by the Assessing Officer u/s.143(3) of the Income Tax Act, 1961 on a total income of Rs.30,95,350/- and addition of Rs.3,19,308/- made on account of undisclosed receipt and Rs.14,250/- on account of undisclosed interest income toalling to Rs.3,33,558/-. Penalty proceedings u/s.271(1)(c) of the Act are also initiated separately for concealment of income of Rs.3,33,558/-.
Conclusion- The addition has been based solely on the different amount which was mentioned in 26-AS and the reconciliation filed by the assessee. We have gone through the details thereof. The TDS deducted under Section 194C of the Act has reflected in Form 26-AS was of Rs.17,65,740/-, whereas in the books of accounts, the assessee has booked the bill for labour service of Rs.14,46,432/- which led to difference of Rs.3,19,308/- which has been considered as unaccounted amount received by the assessee. We find that the difference is attributable to labour bill of Rs.3,85,210/- dated 17/02/2014 which was booked in the books in the Financial Year (FY)2013- 14 and accounted by the customer in FY 2014-15.
