Income generated cannot be held bogus only based on modus operandi

DCIT Vs Shri Basant R. Agarwal (ITAT Ahmedabad) ITAT Ahmedabad held that the income generated by the assessee cannot be held bogus only based on the modus operandi. To hold income earned by the assessee as bogus, specific evidence has to be brought on record by the Revenue. In absence of any specific finding, assessee cannot be held to be guilty. Facts- The only effective issue raised by the Revenue is that that the learned CIT(A) erred in deleting the protective addition made under section 68 of the Act for Rs. 5,74,50,000/- on account of bogus share capital and premium credited in the compan...