No Incriminating Material, No Addition – ITAT Bangalore Deletes Suppression Additions

KC Raju Multi Speciality Hospital Vs DCIT (ITAT Bangalore) No Incriminating Material, No Addition – ITAT Bangalore Deletes Suppression Additions in KC Raju Hospital Case Bangalore Tribunal has categorically held that no addition can be made in an unabated assessment year in the absence of incriminating material. Additions made merely on the basis of a partner’s statement & extrapolation from later years were struck down. A search u/s 132 was carried out on 29.11.2017 at the premises of Assessee firm. During the search, a draft profit & loss account for FY 2016-17 was found showing ...