AO cannot confirm addition merely based on AIR information

Advertisement Shri Rajesh Chunara Vs ITO (ITAT Jaipur) On perusal of the AIR information, it is noted that the information talks about the assessee and another person by name of Ashok K Chanara, name of the bank which has issued the credit card, the transaction amount of Rs 3,82,079/- and date of transaction i.e, 31.03.2008. The question for consideration is whether this piece of information is sufficient enough to fasten the tax liability on the assessee. To our mind, the AIR information so received by the AO could be a starting point for further examination and verification and cannot by ...