The assessment was reopened on the basis of information from the Directorate General of GST Intelligence that the turnover disclosed for service tax purposes exceeded the turnover declared in the income-tax return. During reassessment proceedings, the assessee furnished a reconciliation explaining that service tax turnover was based on receipt of advances, whereas income was recognised on project completion in accordance with accounting principles. The Tribunal held that the Assessing Officer and the Commissioner (Appeals) ignored the reconciliation and supporting documents without rejecting the books of account. Since the variation arose from different methods of recognising turnover and not from suppression of receipts, the additions were deleted.(AY. 2014-15)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147: Reassessment-Difference in GST and Income-tax Turnover-Addition cannot be sustained merely because turnover declared for GST purposes differs from turnover disclosed in the return, where the assessee furnishes a proper reconciliation explaining the difference.[S. 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62433","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-geZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=62433"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62433\/revisions"}],"predecessor-version":[{"id":62434,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62433\/revisions\/62434"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}