If existence of income is presumed, existence of expenditure is also to be presumed

HIGH COURT OF DELHI Commissioner of Income-tax versus Indeo Airways (P.) Ltd. IT APPEAL NOS. 1620 & 1622 OF 2010 C.M. NO. 18588 OF 2010 AUGUST 31, 2012 ORDER S. Ravindra Bhat, J.   The Revenue in the present appeals directed against the common order of the ITAT in ITA Nos.229/Del/2004 and 321/Del/2004 concerning the block period 01.04.1998 to 20.08.1998, claims to be aggrieved by its order dated 11.09.2009. The following questions of law arise for consideration, i.e., (i) correctness of the impugned order directing the addition of Rs. 3,68,31,145/- to be withdrawn, by vir...