Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
AO determined commission from alleged bogus purchases and sales, made addition. ITAT held AO should have either rejected books of account and determined actual profit, or retained returned income without making presumptive addition. AO cannot presume additional income without being actually earned by assessee. Gross taxable income cannot be less than returned income filed u/s 139(1). ITAT deleted AO's additions, decided in favour of assessee.
AO determined commission from alleged bogus purchases and sales, made addition. ITAT held AO should have either rejected books of account and determined actual profit, or retained returned income without making presumptive addition. AO cannot presume additional income without being actually earned by assessee. Gross taxable income cannot be less than returned income filed u/s 139(1). ITAT deleted AO's additions, decided in favour of assessee.
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