https://www.taxtmi.com/caselaws?id=377101 The ITAT set aside the lower authorities' orders regarding the deletion of an addition of Rs. 2,09,50,000 as unexplained investment, as the AO had not conducted proper verification and made assumptions without corroborative evidence. The document forming the basis of the addition was not found in the assessee's premises, rendering the addition beyond the AO's jurisdiction. The presumption under section 132(4A) was deemed inapplicable. The ITAT directed the AO to reassess the issues, granting the assessee a fair opportunity. The Revenue's appeal was allowed for statistical purposes. en-us Tue, 19 Mar 2019 00:00:00 +0530 Thu, 21 Mar 2019 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377101 The ITAT set aside the lower authorities' orders regarding the deletion of an addition of Rs. 2,09,50,000 as unexplained investment, as the AO had not conducted proper verification and made assumptions without corroborative evidence. The document forming the basis of the addition was not found in the assessee's premises, rendering the addition beyond the AO's jurisdiction. The presumption under section 132(4A) was deemed inapplicable. The ITAT directed the AO to reassess the issues, granting the assessee a fair opportunity. The Revenue's appeal was allowed for statistical purposes. Case-Laws Income Tax Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377101