ITAT Deletes ₹5.39 Cr Tax Addition on Flimsy Evidence

DCIT Vs Vividham Sweets & Dry Fruits (ITAT Mumbai) ITAT Mumbai Rejects ₹5.39 Cr Addition Based on Two Days’ Bills, Calls AO’s Math ‘Perplexing’ Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has upheld the Commissioner of Income Tax (Appeals) (CIT(A))’s decision to delete a substantial addition of ₹5.39 crore made by the Assessing Officer (AO) against Vividham Sweets & Dry Fruits. The ITAT criticized the AO’s methodology, which extrapolated a massive income based on merely two days’ worth of bills, describing the calculation as somethi...