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Addition can not be made merely on the basis of assumption
Case Law Details
- Case Name
- Prakash Motwani Vs ITO (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
RELEVANT PARAGRAPH
1. There being difference of opinion between the Members, the following questions were referred for the opinion of the Third Member:-
1. Whether, in the given facts and circumstances of the case, addition of Rs. 2,95,000/- on account of alleged undisclosed advance is justified or not ?
2. Whether, in the given facts and circumstances of the case, addition of Rs. 1,00,000/- for alleged unexplained stock found during the survey is justified or not?
3. Whether, since learned JM has admitted the quantum addition, the corresponding penalty levied u/s 271(1)(c) is to be cancelled/...
