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2014 (1) TMI 839 - ITAT MUMBAIAdditions made on ground of presumptions - Addition of Investments made in earlier years – Addition on account of expenses – Held that:- Both the additions made by the AO which is confirmed by the learned CIT(A) are merely on presumption and assumption basis - There is no evidence either before the AO or before the CIT(A) to hold that the assessee has paid any commission or earned any commission on account of investment made during the year or investment received during the year – Thus, without any material on any information, estimation of commission income was without any basis - Again the expenses is on presumption basis, neither there was any material nor any information that the assessee is indulged in incurring bogus expenses - Merely on rejection of books of accounts, no addition can be made, if there is no basis or material – Decided in favour of Assessee.
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