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Addition u/s 68 towards unexplained cash credit based on presumptions & conjectures unsustainable
Case Law Details
- Case Name
- ITO Vs RajendraHastimal Mehta (HUF) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs RajendraHastimal Mehta (HUF) (ITAT Mumbai)
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit unsustainable as the addition was made by AO on the basis of presumptions and conjectures and without conducting any independent investigation.
Facts- The assessee is engaged in the business of share trading and also earn commission income. AO noted that the assessee has entered into share transactions of M/s Rockon Fintech Ltd of Rs.4,28,690/- and M/s Vax Housing Finance Corp Ltd of Rs. 4,77,941/-. AO found that the assessee has not f...
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