Assessing Officer Must Verify Claims Before Adding Transactions from AIR if Assessee Denies Involvement.

Assessing Officer Must Verify Claims Before Adding Transactions from AIR if Assessee Denies Involvement. https://www.taxtmi.com/highlights?id=55621 Addition on the basis of Annual Information Return (AIR) - When the assessee claims that he has not entered into any transaction with the concerned parties, the least the Assessing Officer could have done is to ascertain the correctness of assessee's claim by making enquiry with the concern parties. AO having not done so, the addition cannot be sustained. - AT en-us Tue, 24 Nov 2020 12:28:16 +0530 Tue, 24 Nov 2020 12:28:16 +0530 TaxTMI RSS Generator Assessing Officer Must Verify Claims Before Adding Transactions from AIR if Assessee Denies Involvement. https://www.taxtmi.com/highlights?id=55621 Addition on the basis of Annual Information Return (AIR) - When the assessee claims that he has not entered into any transaction with the concerned parties, the least the Assessing Officer could have done is to ascertain the correctness of assessee's claim by making enquiry with the concern parties. AO having not done so, the addition cannot be sustained. - AT Highlights Income Tax Tue, 24 Nov 2020 12:28:16 +0530 https://www.taxtmi.com/highlights?id=55621