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2020 (3) TMI 388 - AT - Income TaxTP Adjustment - comparable selection - HELD THAT:- The assessee is engaged in installation, assembling and maintenance of Lifts and Escalators, thus companies functionally dissimilar with that of assessee need to be deselected from final list. Adherence to Turnover filter applied by the assessee company as companies having turnover less than one crore need to be rejected. Addition on account of unaccounted income reflected in Form 26AS - onus to prove - HELD THAT:- We are of considered view that merely on AIR information based on TDS statement addition cannot be made in the hands of the assessee. The assessee has successfully reconciled 602 entries from the total 616 entries in question. For the remaining entries the assessee has denied to have transactions with the parties during the impugned assessment year. Since, the assessee has denied the transactions, onus was on the Revenue to show that TDS reflected in Form 26AS is in respect of the amounts that have been received by the assessee during the relevant period. The Revenue has failed to discharge its onus. The Bangalore Bench of the Tribunal in the case of Arati Raman vs. DCIT [2012 (10) TMI 1045 - ITAT BANGLORE] has held that addition cannot be sustained on the basis of AIR information alone . The onus is on the Department to prove correctness of information by way of bringing cogent evidence - Since the Revenue has failed to lead positive evidence, the addition to be deleted. Non-granting of deduction in respect of provision for bad and doubtful debts while computing book profits under section 115JB - claim was not made by assessee in return of income - HELD THAT:- Since, we have held that provision of doubtful debts is not an allowable deduction while computing income under normal provisions, as a corollary to the aforesaid findings the Book Profits under section 115JB are not required to be reduced by that extent. We do not find any infirmity in the impugned order in rejecting assessee’s claim.
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