Conclusion Should be on Clear Findings, Not on just Presumptions

Brief of the Case The Hon’ble High Court in this case held that when there is an assumption that the assessee did not maintain quantitative details of ingredients such as mixing gum, starch and oil, the conclusion could not be affirmed. As, decisions can’t be on the basis of  mere Assumptions or Presumptions. Facts of the Case The assessee carries on his business in preparation and trading of Hing. The assessee filed its return for the Assessment Year (AY) 2010-11 and declared an income of ₹3,15,210/-. In the scrutiny the Assessing Officer (AO) rejected the turn-over figures and the G.P...