TaxTMI 
TaxTMI 
2025 (4) TMI 2144
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....passed u/s 143(3) r.w.s. 147 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 29.12.2018 by the Assessing Officer, ACIT, Central Circle-15, New Delhi (hereinafter referred to as "ld. AO"). 2. The only issue to be decided in this appeal is as to whether the learned CITA was justified in deleting the addition of Rs 15,49,25,883/- reflected in Form 26 AS in respect of PAN AABCB4435G in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the materials available on record. The assessee is in the business of Civil Construction and Property Construction / Infrastructure. The return of income for the assessment year 11-12 was filed by the Assessee company on 24-05-2012 de....
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....8K. Accordingly, income of the Assessee to the tune of Rs 15,49,25,883/- had escaped assessment for which the assessment of the Assessee was sought to be reopened and reassessment was completed under section 147 read with section 143 of the Act on 29.12.2018 adding the said sum. On first appeal, the same was deleted by the Learned CITA by observing that pursuant to the amalgamation of the Assessee the erstwhile company's PAN got deactivated and new PAN AAACB8918K was allotted. Hence, it was categorically held by the Learned CITA that this is not a case of two PANs held by the Assessee. The relevant observations recorded by the Learned CITA are reproduced below:- "8.2 Finding a) Appellant is in the business of Civil Constru....
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..... However, on examination of AS-26 of old PAN i.e. AABCB4435G, it is seen that there are a number of double entries of the same amounts. After cancelling the double entries of the same amounts, the Interest income receipts from Indian Overseas Bank work out to Rs. 65,25,914/- and Contract receipts from DDA work out to Rs. 11,53,64,919/- totalling Rs. 12,18,90,833/- 8.3 a) On examination of party wise Contract Receipts, it is seen that the appellant has shown Contract Receipts of Rs. 3,58,70,81,609/-. Out of the contract receipts of Rs. 30,80,74,363/- were received from Central Account- Delhi Development Authority. b) On examination of party wise Interest income, it is seen that appellant has received Interest income of Rs.....
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....,557/- was accounted for in the ITR filed under the PAN AAACB8918K. These Contract Receipts and Interest income also included the Contract Receipts of as outlined above from DDA under PAN AABCB4435G and Interest income from Indian Overseas Bank of Rs. 65,25,914/- under PAN AABCB4435G. As a result of reconciliation vis-àvis books of accounts, it is seen that the Contract receipts and Interest Income credited by the appellant in the books of accounts are higher than the Contract receipts and Interest income appearing in the AS-26 statements g) Thus, the addition made by the AO of Rs. 14,83,99,919/- (Contract Receipts from DDA) and Rs. 65,25,914/- (Interest Income from IOB) totaling Rs. 15,49,25,883/- is not sustainable as it t....