Addition u/s. 68 based on suspicion and presumptions not sustainable: ITAT Surat

Rambilash Rajaram Jajoo Vs ITO (ITAT Surat) ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed. Facts- Present appeal is preferred by the appellant mainly contesting re-opening of assessment under section 147 of the Income Tax Act. Appellant has also contested addition towards unexplained cash credit under section 68 of the Income Tax Act and addition towards unexplained expenditure under section 69C of the Income Tax ...