TaxTMI 
TaxTMI 
2016 (12) TMI 1009
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....s. 71,95,842/-. The assessment was completed u/s 143(3) on 14.10.2011 determining the total income at Rs. 80,90,880/-. While completing the assessment, the Assessing Officer made addition of Rs. 3,53,861/- being the difference of interest on fixed deposits from Bank of Baroda shown by the assessee in the return of income under the head 'Income from other sources' and the AIR information obtained by the Assessing Officer in respect of interest on fixed deposit from Bank of Baroda. The Assessing Officer noticed that as per the AIR information the interest earned on fixed deposit from Bank of Baroda was Rs. 4,83,296/- and whereas the assessee has shown such interest only at Rs. 1,26,029/- and Rs. 9,139/- aggregating to Rs. 1,35,168/-. When thi....
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....,029/- and the submissions that he relied on the TDS certificates issued by the Bank cannot be an excuse. Further, he also observed that it is not a difficult task to get an idea of interest income that should be earned on the deposit kept with the Bank. The Assessing Officer was of the view that since the difference is huge, there is wilful omission and lack of bona fide on the part of assessee in view of the decision of Dharmendra Textile Processors, 306 ITR 277 (SC), wherein it has been held that mens rea is not an essential ingredient for imposing penalty. On appeal, the ld. CIT(A) sustained the penalty observing that the assessee furnished revised/corrected TDS certificate during the assessment proceedings itself and, therefore, the co....
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...., as per the AIR information generated, it was pointed out by the Assessing Officer that the interest income was shown to the tune of Rs. 4,83,296/- from Bank of Baroda and interest of Rs. 5,733/- on fixed deposit with HDFC Bank totalling to Rs. 4,89,029/-. Noting that there is a difference between the AIR information and the TDS certificates issued, it was contended that the assessee has accepted the difference as interest and paid the taxes accordingly. 7. The assessee in the written submissions contended that the bank has not issued any corrected TDS certificates for the interest as shown in the AIR information. The assessee further contended that the observations of CIT(A) that assessee has furnished new certificates before the Assessi....
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....or the year ended 31 March 2009, the Appellant has requested Bank of Baroda to issue interest certificate for interest accrued/ earned during the year on fixed deposits. The bank has issued two certificates indicating interest income of Rs. 9,139 and Rs. 126,029 respectively. A copy of two certificates issued by Bank of Baroda is enclosed from page Nos 18 to 21. A copy of these certificates was submitted to the Assessing Officer vide submissions dated 12 September 2011. 14. The Bank has also issued certificate for taxes deducted of Rs. 17,047 from interest of Rs. 126,029. A copy of certificate for taxes deducted is enclosed from page Nos 16 to 17. A copy of this certificate was submitted to the Assessing Officer vide submissions dated 12 ....
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...., it was contended that there is no deliberate concealment of income or furnishing of inaccurate particulars of income and placing reliance on the certificates issued by the Bank and note reconciling with AS26 may be a mistake on the part of assessee, but certainly could not be a willful attempt on the part of assessee to evade taxes, especially considering the total income offered in the return is Rs. 71,95,842/- and the addition made is only Rs. 3,53,861/-, which is less than 5% of the returned income. It was also further contended that at the time of filing tax return for Assessment Year 2009-10, Form 26AS was not available (as the computerization of income-tax was at the initial stage) for his verification so that assessee could have re....