Ad-Hoc Addition Deleted for Lack of Defects: ITAT Rejects ₹50 Lakh Estimate

Bhikshu Margam Vs DCIT (ITAT Pune) Adhoc Additions Have No Legs: ITAT Deletes ₹50 Lakh Disallowance – When Evidence Exists, Suspicion Cannot Replace Verification: No Defects, No Disallowance: Tribunal Rebukes AO for Arbitrary ₹50 Lakh Estimate Assessee, a firm engaged in manufacturing & trading of marble & stones, declared income of ₹54.20 lakh. AO noticed local, import & high-seas purchases of over ₹39 crore. AO held that names/addresses of local suppliers were not fully furnished & books/bills/vouchers were allegedly not produced. Since confirmations for credito...