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Additions to be based solely on tangible material and not on the basis of estimations or extrapolation theory: ITAT
Case Law Details
- Case Name
- Array Land Developers Pvt Ltd Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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Array Land Developers Pvt Ltd Vs DCIT (ITAT Chennai)
Conclusion: In present facts of the case, the ITAT observed that Guess work or estimation or extrapolation of income is not permissible unless there are strong evidences to suggest otherwise. The additions are to be based solely on tangible material and not on the basis of estimations or extrapolation theory.
Facts: In present facts of the case, the appeals by assessee for AY 2015-16, 2016-17 & 2017-18 arises out of common order passed in the matter of separate assessments framed by Ld. Assessing Officer [AO] u/s.143 r.w...
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