Finance Broker Taxed Only on Brokerage as No Evidence of Income Found

DCIT Vs Sobha Chand Bhansali (ITAT Kolkata) Finance Broker, Not Financier: Only Brokerage Taxable -No Evidence, No Addition- ITAT Rejects Rs.20-Crore Search Disclosure Theory- Search Addition Without Seized Material Unsustainable Revenue appealed against CIT(A)’s orders restricting additions in block assessments framed u/s 153A pursuant to search on 03.02.2017. AO assessed large undisclosed income solely on the basis of an alleged disclosure of Rs.20 crores said to have been made by Assessee before Investigation Wing. Assessee denied making such disclosure, retracted immediately after receiv...