Failure of AO to conduct an Independent Investigation: ITAT deletes Addition u/s 68 made on Presumptions and Conjectures [Read Order]

Failure of AO - ITAT deletes Addition - Presumptions and Conjectures - Income Tax Appellate Tribunal - Assessing Officer - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under Section 68 of the Income Tax Act, 1961 made on presumptions and conjectures and also the failure of the Assessing Officer to conduct an independent investigation. The assessee is engaged in the business of share trading and also earns commission income….

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