Addition merely on the basis of declaration u/s. 132(4) is untenable in law

Om Builders Vs ACIT (ITAT Indore)

Held that addition made merely on the basis of statement by one of the partners and without finding any incriminating material is untenable in law.

Facts-

AO made addition on the basis of a statement and by stating that several incriminating documents were confronted for which the assessee was unable to explain. AO, however, did not point out any incriminating loose paper.

CIT(A) deleted maximum a

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