Section 68 Addition by ignoring all evidences filed by assessee is unsustainable

Smt. Rita Agarwal Vs DCIT (ITAT Chennai)

Held that addition, only on the basis of information received from investigation wing ignoring all the evidences filed by the assessee, is unsustainable in law

Facts-

The search and seizure operations under section 132 of the Act took in the residential premises of Shri Pankaj Agarwal, Managing Director of M/s. Suryadev Alloys and Power Pvt. Ltd., documents belonging to the assessee were seized and a notice u/s. 153A was served on the assessee. In response, the assessee filed ROI admitting income of ₹29,64,800/-.

Thereafter, the Assessing Officer has completed the assessment under section 143(3) r.w.s. 153A of the Act dated 31.03.2015 by making addition of ₹1,25,00,000/- u/s. 68 of the Act. On appeal, the ld. CIT(A) confirmed the addition made under section 68 of the Act.

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