AO acted on guesswork and suspicion, not material evidence: ITAT upholds CIT(A)’s order

DCIT Vs Satish Kumar Agrawal (ITAT Raipur) The present appeal preferred by the revenue against the order passed by CIT (A) who deleted addition made by the AO on account of money possessed by the assessee. Assessee is director of two companies which carried out businesses from Bilaspur but their registered office situated at Kolkata. On 23.08.2009 amount of Rs.1,00,50,000/- was seized by the GRP, Howrah at Howrah Railway Station. Warrant of authorization was issued by DIT (Inv) Kolkata u/s 132 (1) on 25.08.2009. Intimation of carrying huge cash was sent to IT department on the letter head of t...