seen from the records kept in scrutiny assessment folder that in the Profit
and Loss A/c the assessee has shown total sell of service charges of
Rs.188,09,25,428/- and other income of Rs.17,16,10,657/- which also
includes Bank interest income of Rs.3,03,10,456/-. Even if rate of TDS is
assumed to be @2% the total matching income of the assessee
corresponding to TDS credit excluding TDS on interest income (TDS rate on
other income of Rs.4.42 crores has been assumed @10% Rs.44,20,372/-)
should have been approximately Rs.1275,09,05,250/-. It is seen from the
statement of 26AS reconciliation for FY 2011-12 submitted by the assessee
as Annexure 6 to the its submission that it has shown reconciliation of total
billing to the tune of Rs.1167,43,09,406/- for A.Y. 2012-13. In view of the
above, TDS credit on the difference of Rs.107,65,95,844/- (1275,09,05,250
– 1167,43,09,406/-) to the extent of Rs.2,15,31,917/- (2% of Rs.107,
65,95,844/- on which the assessee company has not offered its income)
should not have been allowed to the assessee. Omission has resulted in
excess TDS credit to that extent.” This also indicates that there has been no
failure on the part of petitioner to disclose and the entire re-opening is on
the basis of details available on record and change of opinion.
