Adhoc addition based on guess-work and surmises untenable: ITAT Delhi

Virtual Global Education Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that adhoc addition purely based on the guess-work and surmises is untenable in law. Accordingly, order set aside and assessment restored back to the file of AO for fresh assessment.

Facts- The assessee filed its return of income through e -mode on 28.09.2015, declaring income of INR 32,23,630/-. Thereafter, the case was selected for scrutiny and notice u/s 143(2) of the Income Tax Act, 1961 was issued on 17.03.2016 and served upon the assessee. In response to the statutory notices, Authorize

Please become a Premium member. If you are already a Premium member, login here to access the full content.