Addition due to mismatch in 26AS and in books of account unsustained as difference duly explained

DCIT Vs Connect Residuary Pvt Ltd (ITAT Mumbai)

ITAT Mumbai held that addition on account of mismatch between the income reported under form number 26AS and the income recorded in the books of accounts unsustainable since the mis-match duly explained.

Facts-The assessee is engaged in the business of equipment renting based on Residual management capabilities. The assessment order u/s. 143(3) of the act was passed, determining total income at ₹ 373,792,940/-. Substantial addition was made on account

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