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Sec. 69 additions justified on failure to reconcile differences between income reported in AIR and books of account

April 21, 2017[2017] 80 187 (Mumbai - Trib.)/[2017] 164 ITD 94 (Mumbai - Trib.)/[2017] 188 TTJ 453 (Mumbai - Trib.)

IT : Where full details of parties dealt with assessee appeared in AIR information and assessee admitted dealings with all such parties, difference between income reported in AIR and income shown in assessee's books of account was to be reconciled irrespective of large magnitude of transactions

IT : In absence of specific finding by lower authorities that interest bearing funds were specifically invested in shares yielding tax exempt income, it was to be presumed that assessee used its own interest free capital for making such investment and resultantly, no part of related expenditure could be disallowed

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