Question And Answer
Subject: Addition on account of difference in receipts as per P & L Account vis-a-vis Form 26AS
Querist: Deepali
Answered by:
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Date: March 18, 2024
Query asked by Deepali

Decisions for “the addition on account of short credit of receipts as per Form 26AS made by the AO for the purpose of computing the tax liability does not fall any of the items mentioned in clauses (a) to (j) of the Explanation. It is submitted that since no adjustment on account of short credit of receipts as per Form 26AS is to be made while computing the book profit u/s 115JB of the Act”

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Answer given by

Yes no adjustment can be made by the Assessing Officer . Refer Apollo Tyres Ltd v. CIT (2002) 255 ITR 273/122 Taxman 562/174 CTR 521 (SC), the Court held that when the net profits in profit and loss account prepared in accordance with Parts II and III of Schedule VI to Companies Act. Accounts scrutinised and certified by statutory auditors . The Assessing Officer has no power to scrutinise except as provided in Explanation.

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