Addition based on Borrowed Satisfaction cannot be made

Adinath Leasing And Finance P. Ltd Vs ITO (ITAT Ahmedabad) In this case, it is an undisputed fact that assessee purchased a flat in residential colony and in assessment order, learned AO himself has  mentioned that assessee is having business of Financing services and is a Private Limited Company. In this case, the learned AO received an information from the Investigation Wing that a so called purchase of property by the assesse was purely sham transaction and the loss claimed by the assessee on the sake of the said property on a later date was an artificial loss created by the assessee in it...