9911796707
TMI Blog2017 (5) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... has raised following grounds:- "1. That the ld. CIT (A) erred in appreciating that even after passing order u/s 154 there was still escapement of income of Rs. 19,14,583/- as the actual receipts of the assessee were Rs. 15,64,92,615/- as against declared receipts of Rs. 13,73,76,789/- which were increased to Rs. 14,24,00,000/- in the order u/s 154. 2. That the ld. CIT (A) erred in holding that the Assessing Officer did not have reasons to believe that income had escaped assessment. 3. That the ld. CIT (A) erred in holding that the Assessing Officer did not have reasons to believe that the income had escaped assessment. 4. The appellant prays for leave to add, amend, modify or alter any grounds of appeal at the time or before the hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice 148 dated 28.5.2007 after recording the following reasons as under:- "In this case assessment was completed at the income of Rs. 1,42.40,000/- u/s 143(3) of I.T. Act on 30.01.2006 against the return income of Rs. 4,26,058/-. During the year under consideration the assessee company had offered the revenues of Rs. 13,73,46,789/- with a note that invoices raised for hire charges outstanding as on 31.03.2003 and IDS there from are converted at the telegraphic transfer buying rate prevailing as on 31.03.2003 as the TDS certificates have not yet been received from ONGC. However while commuting hire charges Ac assesses has taken Pie revenues at Rs. 13,71,09,862./-. While completing the assessment these revenues were taken at Rs. 13,73,46,78 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income and TDS as per the annexure to the certificate, the higher income of Rs. 15,64,92,615/- be considered and credit be granted for TDS amounting to Rs. 93,43,073/-. Further, a computation was appended demonstrating that on considering the income and TDS amounts at Rs. 156,492,615/- and Rs. 93,43,073/- respectively, the demand of Rs. 80,10,787/- will be wiped off and in fact, a refund of Rs. 31,69,441/- will be due to the Appellant. 7. A duly notarized and stamped indemnity bond was also furnished under cover of your appellant's tax attorney letter no. W/MT/2187 dated 16th June, 2006. 8. It appears that based on a representation, letter No.RKA/100 dated 19th May 2006, an order has been issued under Section 154 of the Act, determi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer for the impugned AY is the period 1.04.2002 to 31.03.2003. The amount paid of Rs. 15,64,92,615/- as mentioned in the TDS certificate includes an amount of Rs. 4,46,77,980/- which was the payment relating as on 31.3.2002 which has already been taxed by the AO u/s 143(3) in his order dated 18.1.2004. Thus, there is no occasion to take the same income again in the assessment year 2003-4 on the basis of the said TDS certificate. 7. On the other hand the ld. DR submitted that the matter can be sent back to the Assessing Officer for proper verification. 8. After considering the rival submissions and on perusal of the impugned order as well as the material placed on record, we find that the entire basis for reopening the assessment order is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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