Addition cannot be made by merely relying on 26AS

Mercury Car Rentals Pvt. Ltd. Vs DCIT (ITAT Kolkata) During the course of assessment proceeding, the AO observed that assessee failed to reconcile interest income to the extent of Rs.67,939/- with its books of accounts and therefore added back the said amount as undisclosed interest income of the appellant as shown in the Form 26AS. On Appeal ITAT held that based on 26AS alone no additions can be made. This can at best be a starting point for necessary verification but it cannot, on standalone basis, justify the impugned addition. I therefore consider it appropriate to remit the matter to the ...