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TMI Blog2016 (9) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... ng cables. During the year under consideration, the assessee has received a sum of Rs. 64,85,397/- from M/s Tulip Telecom P. Ltd. The assessee has offered the above said sum of Rs. 64,85,397/- for taxation. However, while filing the TDS return, M/s Tulip Telecom P. Ltd. appears to have claimed a sum of Rs. 1,26,84,856/- paid to the assessee. Out of the so-called claim of M/s Tulip Telecom P. Ltd., a sum of Rs. 58,36,556/- was said to be given credit on 01.07.2010 is totally incorrect. When the assessee contacted the company M/s Tulip Telecom P. Ltd., they said they will rectify the TDS return filed electronically. However, they have not rectified. Since the amount was not paid, according to the Ld. counsel, the same cannot be taken as incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Telecom P. Ltd. failed to rectify the TDS return filed electronically. The Revenue claims that the letter addressed to M/s Tulip Telecom P. Ltd. was not responded. Therefore, the Assessing Officer found that the assessee has not established the claim. Accordingly, the Assessing Officer treated the particulars contained in Form 26AS as genuine and the difference of Rs. 61,99,459/-, as per the credit shown in Form 26AS, was taken as undisclosed receipt by the assessee. The main grievance of the assessee is that the credit entry found on 01.07.2010 to the extent of Rs. 58,36,556/- is a wrong entry. 5. Under the scheme of Income-tax Act, the assessee is expected to pay tax after completion of assessment. In order to ensure the recovery of tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was genuine entry or not. The Assessing Officer was conferred the power of civil court to examine and find out the real nature of transaction. If the Assessing Officer could not exercise the power conferred on him, it is not known how the individual citizen of this country will be able to find out the genuineness of the transaction. Therefore, in order to meet the ends of justice, this Tribunal is of the considered opinion that the Assessing Officer has to find out the address of M/s Tulip Telecom P. Ltd. and its Directors and thereafter find out whether socalled credit of Rs. 58,36,556/- said to be given on 01.07.2010 is a genuine transaction or it is a wrong entry. Thereafter, the Assessing Officer has to decide the same in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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