ITAT deletes addition made merely based on exparte Ad-Interim order of SEBI

Tapas Kumar Mallick Vs ACIT (ITAT Delhi) A perusal of the assessment order clearly shows that the Assessing Officer was carried away by the report of the Investigation Wing and the exparte Ad-Interim order of the SEBI. It can be seen that the entire assessment order has been framed by the Assessing Officer without conducting any enquiry from the relevant parties or independent source or evidence but has merely relied upon the SEBI order without conducting any independent and separate enquiry in the case of the appellant. It is provided u/s 142(2) of the Act that for the purpose of obtaining fu...