Addition of unexplained investment unsustained on failure to establish that society was benamidar of assessee

ITO Vs Rajendra Shivhare (ITAT Raipur) ITAT Raipur held that addition towards unexplained investment unsustainable as AO failed to place on record any material which would conclusively establish that the said society was a benamidar of the assessee. Accordingly, addition based on bald allegation couldn’t be accepted. Facts- Original assessment was framed by the A.O in the case of the assessee vide order passed u/s.144 of the Act, determining his total income at Rs. 1,76,68,313/-, which thereafter was upheld by the CIT(Appeals). On appeal, the ITAT, Bilaspur set-aside the order of the CIT(App...