Addition based on presumption without concrete evidence cannot be sustained: ITAT Delhi

ITO Vs Bhuvan Sharma (ITAT Delhi) ITAT Delhi held that additions merely on the basis of presumption that assessee had earned undisclosed income without having concrete evidence is not sustainable in law and hence liable to be deleted. Accordingly, action of CIT(A) upheld and appeal of revenue dismissed. Facts-The case of the assessee was selected for scrutiny through CASS and assessment was completed on 15.11.2019 at an assessed income of Rs. 2,93,35,390/-. On perusal of assessment order, it is observed that the addition was made on account of unexplained cash credit u/s. 68 of the Act and dis...