Addition u/s 68 towards unexplained cash credit based on presumptions & conjectures unsustainable

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 Hou

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