Addition u/s. 68 purely based on assumption is unsustainable in law

Himanshu Botadara Vs ITO (ITAT Indore) ITAT Indore held that addition u/s. 68 on account of bogus long term capital gains unsustainable as the alleged transaction is not found recorded in the books of accounts including the Dmat account of the assessee. Hence, addition on the basis of assumption unsustainable. Facts- The assessee HUF and Proprietor of Anjay Coal Company is engaged in the business of reporting and monitoring as agencies as well as deriving income from purchase and sale of share and securities. AO reopened the assessment by issuing a notice u/s 148, for assessing the income esc...