Addition for Investment in Shares / Mutual Fund based on mere AIR report not sustainable

Aarti Raman vs. DCIT (ITAT Bangalore), ITA No.245/Bang/2012, Date of Pronouncement : 05.10.2012

Assessee submitted that the part of the AIR on which the AO made the impugned addition of Rs. 26 lakhs was not correct and that the assessee did not make any such investments as revealed in the AIR. The assessee also brought to the notice of the CIT(A) the decision of the ITAT Bangalore ‘A’ Bench dated 22.10.2010 in the case of Please become a Premium member. If you are already a Premium member, login here to access the full content.