The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the addition made by the assessing officer upon assessee failing to establish difference between 26AS form and Income Tax Returns.
Assessee Vijay Kashinath Jagtap is an individual and has earned income from salary from M/s. Pfizer Ltd .Assesee filed his return of income and revised return of income declaring the income of rupees thirty lakh. After the scrutiny assessment, the assessing officer made an addition under section 68 of the Income Tax Act 1961 as ‘unexplained cash credits’ being the difference in the salary received as per Form 26AS and voluntarily offered the difference for taxation. Against this order assesee filed an appeal before the ITAT.
On behalf of the assessee no one is represented therefore the ITAT bench proceeds to dispose of the appeal by hearing then departmental representative and on perusal of the materials available on record.
Vranda U. Matkarni Counsel for the Revenue submit that the assessee has failed to furnish any documentary evidence to explain the difference amount in the salary income before the lower authorities also he had claimed an incorrect amount for the purpose of fraudulently claiming higher refund which was established by the department and had for this purpose intentionally revised his return of income twice by declaring a lesser amount as ‘salary income’.
After considering the contentions of the both parties the division bench of ITAT comprising Kavitha Rajagopal (Judicial Member) and Prashant Maharishi, (Accountant Member) dismiss the appeal filed by the assessee and observed that “The assessee has failed to establish the difference amount specified in Form 26AS and the returns filed by the assessee. Though several opportunities have been given to the assessee, the assessee has failed to furnish any documentary evidence for rebuttal. Hence assessee has nothing to controvert the view of the lower authorities in making the addition under section. 68 of Income Tax Act 1961.”
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