ITAT Deletes AIR-Based Addition as Professional Receipts Declared Exceeded AIR Figures

Advertisement A.F. Ferguson & Co. Vs JCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai allowed the assessee’s appeals for Assessment Years 2008-09 and 2009-10, holding that additions made solely on the basis of Annual Information Report (AIR) information were not sustainable. For Assessment Year 2008-09, the Assessing Officer observed that the AIR reflected professional receipts of Rs. 34,49,43,172, which required reconciliation with the books of account. Although the assessee reconciled a major portion of the receipts, an amount of Rs. 2,32,75,363 remained unreconci...