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Section 41(1) addition merely based upon conjectures & surmises was not sustainable
Case Law Details
- Case Name
- ITO Vs N.G. Group (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs N.G. Group (ITAT Mumbai)
ITAT observed that that AO has invoked the provision of section 41(1) without bringing on record any cogent material. For how long the account is outstanding and on what basis of his enquiry, AO has come to the conclusion that these accounts are not payable. Devoid of these details, the assessment is simply based upon conjecture & surmise not sustainable in law.
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