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2023 (12) TMI 494 - ITAT SURATAddition on the basis of entries found in form No. 26AS - addition under the head “income from other sources” - CPC compared the interest income reflected in Form No. 26AS and net interest income shown in the computation of income and added the difference - HELD THAT:- On examination of computation of income which, is made a part of order by ld. CIT(A), we find that the assessee has shown bank interest under the head income from other sources and net difference of interest income earned and interest income incurred is reduced from business income. Thus, find merit in the written submission that the CPC has not considered or unable to consider the allowability of interest income earned and interest incurred due to mechanical working. As also find merit in the written submission that no addition on 26AS alone can be a basis for making addition without verification of fact as has been held by various Benches of the Tribunals, therefore, the addition/adjustment made by AO and confirmed by ld. CIT(A) is deleted. In the result grounds of appeal raised by the assessee are allowed.
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