No Income Addition Based on Form 26AS as Books Showed Higher Revenue: ITAT Pune

DCIT Vs Honeywell Automation India Pvt. Ltd. (ITAT Pune) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2016-17, challenging the deletion of an addition of Rs. 8,45,53,050 made by the Assessing Officer (AO) on account of differences between receipts reflected in Form 26AS and the assessee’s books of account. The assessee, engaged in the automation and control industry, filed its original and revised income tax returns declaring its income. During scrutiny assessment, the AO directed the assessee to reconcile receipts reflec...