Additions Restricted Due to Partial Reconciliation and Netting of Income

Mahesh Nathalal Thakkar Vs DCIT (ITAT Mumbai) TDS Mismatch Addition Partly Sustained; Godown Rent Treated as Business Income; Ad-hoc Disallowance Reduced to 10% The Mumbai SMC Bench of the ITAT partly allowed the appeal of the assessee for AY 2014-15, dealing with three additions arising from scrutiny assessment. On addition based on Form 26AS/TDS mismatch, the Tribunal accepted the assessee’s explanation that substantial receipts from M/s Arvind Laboratories were reimbursements of expenses incurred as a clearing and forwarding (C&F) agent. However, since certain entries could not be ful...