Dismissing the appeal of the revenue the Court held that addition cannot be made on mere assumption and not on any material recovered during search and seizure. The Tribunal had recorded a categorical finding that addition cannot be made merely on presumption that assessee had earned undisclosed income and incurred expenses outside books of account. (BP. 1997-98 to 2003-04)
CIT v. Jeet Construction Company (2021) 124 taxmann.com 526 (All.)(HC) Editorial : SLP of revenue dismissed, CIT v. Jeet Construction Company (2021) 278 Taxman 293 (SC)
S. 158BD : Block assessment-Undisclosed income of any other person-Additions cannot be made merely on the basis of presumptions. [S. 69C, 132, 158BC]