Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 137 - AT - Income TaxInitiation of reassessment proceedings u/s 148 - addition on account of undisclosed income - Held that:- In the instant case there is not an iota of evidence which could suggest that the assessee had made any investment so as to justify the addition made by the AO. In our opinion the inference drawn by the AO is based on mere suspicion and is unsupported by any material whatsoever. It has not been demonstrated by any cogent material that it was the assessee who had made the investment/paid cash for acquiring shares of M/s Pioneer Finvest Ltd Unless any evidence is brought on record justifying that it was the assessee who had made any such investment, the addition is unsustainable in law. It is well settled rule of law that suspicion howsoever strong cannot par take the character of evidence. We, thus, find no infirmity in the order of learned CIT (Appeals) who has deleted the addition - Decided against revenue.
|