https://www.taxtmi.com/caselaws?id=427393 A mere mismatch in Form 26AS does not, by itself, justify an income addition where the assessee gives a plausible explanation that the entries relate to purchases, advance payments, refund adjustments or sales. The Tribunal held that the revenue must verify the nature of the underlying transactions with the concerned parties before treating the figures as taxable receipts, and that a mechanical reliance on unmatched 26AS entries is insufficient. As the authorities failed to conduct proper verification and assess the transaction character, the addition was deleted. en-us Thu, 04 Aug 2022 00:00:00 +0530 Thu, 08 Sep 2022 07:23:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427393 A mere mismatch in Form 26AS does not, by itself, justify an income addition where the assessee gives a plausible explanation that the entries relate to purchases, advance payments, refund adjustments or sales. The Tribunal held that the revenue must verify the nature of the underlying transactions with the concerned parties before treating the figures as taxable receipts, and that a mechanical reliance on unmatched 26AS entries is insufficient. As the authorities failed to conduct proper verification and assess the transaction character, the addition was deleted. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427393