https://www.taxtmi.com/caselaws?id=421387 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the entire addition of Rs. 10,08,02,000. The ITAT found that the AO's addition lacked substantiating evidence and was based on assumptions. It emphasized the failure to prove unaccounted investment and highlighted the insufficiency of relying solely on guideline values without concrete proof. Additionally, the ITAT confirmed the correction of the double addition error made by the AO, ultimately ruling in favor of the assessee. en-us Mon, 23 Aug 2021 00:00:00 +0530 Sat, 23 Apr 2022 08:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421387 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the entire addition of Rs. 10,08,02,000. The ITAT found that the AO's addition lacked substantiating evidence and was based on assumptions. It emphasized the failure to prove unaccounted investment and highlighted the insufficiency of relying solely on guideline values without concrete proof. Additionally, the ITAT confirmed the correction of the double addition error made by the AO, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421387