ITAT quashes Addition for Unexplained Expenditure made on mere Extrapolation and Presumption [Read Order]

ITAT - Unexplained Expenditure - Extrapolation - Presumption - Taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that addition for unexplained expenditure could not be made on mere extrapolation and presumption. The assessee, Assam Kerala Roadways Pvt. Ltd. was engaged in the business of transportation of goods. AO observed from the details filed by the assessee that the assessee has…

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