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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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....