Additions based on presumptions for mere adjustment of entries not valid

HIGH COURT OF ALLAHABAD Commissioner of Income-tax Versus Raghuraji Agro Industries (P.) Ltd. Income Tax Appeal No. 73 of 2009 Date of Pronouncement – 06.09.2011 JUDGMENT Dr. Satish Chandra, J. This appeal has been filed by the Department under section 260A of the Income-tax Act, 1961, against the judgment and order dated February 6, 2009, passed by the Income-tax Appellate Tribunal, Lucknow, in I. T. A. No. 875/Luc/2008 for the assessment year 2003-04. 2. The brief facts of the case are that the assessee is a private limited company and engaged in the business of running o...