Addition for concealed profit not possible on mere surmises

DCIT Vs Agya Ram Manohar Lal (ITAT Chandigarh)

Facts- The brief facts of the case for AY 2016- 17 are that the assessee firm derives income from business and income from other sources. The assessee firm belongs to M/s Roop Square Group of companies where a search and seizure operation u/s 132(1) was conducted on 01.11.2017 at various business and residential premises of the group. Subsequently, in response to notice issued u/s 153A of the Act, the return for AY 2016-17 was filed declaring an income of Rs. 7,67,200/-. Thereafter, the ass

Please become a Premium member. If you are already a Premium member, login here to access the full content.