Addition merely on basis of available information without independent investigation is unsustainable

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...