TaxTMI 
TaxTMI 
2012 (3) TMI 496
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....ised during the year, but the assessee accounted for the net commission at ₹ 41,19,613/-. He further noticed that the TDS was deducted on total contract amount of ₹ 96,32,530/-. On enquiry, assessee explained that some of the clients have deducted the tax on the reimbursed amounts also but the assessee's net commission was only ₹ 41,19,613/-. It filed various reconciliation statements. However, the Assessing Officer observed that the assessee did not explain the difference between ₹ 1.40 crores and ₹ 1.27 crores and further there were credits in the bank account to an extent of ₹ 1.60 crores and on the basis of the TDS certificates, the difference of ₹ 55,12,917/- was held to be the commission recei....
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....eceipt does not necessarily mean that the said receipt constitutes income of an assessee. Further the Authorized Representative has been able to reconcile the figures mentioned in the assessment order and bring out that the said amount of ₹ 1,40,54,731/- was not the correct figure and that the correct figures was ₹ 1,40,85,366/- which included an opening balance of debtors of ₹ 13,15,225/-. Clearly, no adjustment entries had been made by the appellant in their books to adjust or reduce the commission income received by them. Further, the Authorized Representative has been able to bring out that the Assessing Officer was wrongly guided by the impression that the credit entries in their bank account aggregated ₹ 1.60 c....