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Addition merely on basis of available information without independent investigation is unsustainable
Case Law Details
- Case Name
- ITO Vs Munish Bajaj and Sons HUF (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Munish Bajaj and Sons HUF (ITAT Delhi)
ITAT Delhi held that addition towards earning fictitious profit by misusing Client Code Modification Facility merely on the basis of information received from Investigation wing without carrying out independent investigation is unsustainable in law. Accordingly, appeal of revenue dismissed.
Facts- On the basis of information available with the Department during the year under consideration the assessee was involved in earning fictitious profit by misusing Client Code Modification Facility in F&O segment and the, therefore, was reopened u/s. 148...
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