₹2 Crore Section 69 Addition Quashed Due to Uncorroborated Loose Sheets

CA Vijayakumar Shetty 23 Jan 2026 216 Views 124 comments Print Income Tax | Judiciary

Case Law Details

Case Name : ACIT Vs Maragathamani Shanmugam (ITAT Chennai)

Related Assessment Year : 2013-14

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ACIT Vs Maragathamani Shanmugam (ITAT Chennai)

ITAT Chennai Upholds Deletion of ₹2 Crore Addition u/s 69; Quashes Extended 153A Jurisdiction for AY 2013-14 Based on Third-Party Loose Sheets

The Chennai Bench of the ITAT dismissed the Revenue’s appeals and upheld the CIT(A)’s order deleting the addition of ₹2 crore made u/s 69 as unexplained investment for AY 2013-14. The Tribunal held that the addition was impermissibly based on uncorroborated loose she

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Name: CA Vijayakumar Shetty

Qualification: CA in Practice

Company: Shetty & Co, Chartered Accountants, Mangalore

Location: Mangalore, Karnataka, India

Member Since: 17 Feb 2018 | Total Posts: 4107

CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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