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

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 sheets seized from a third-party premises and a third-party statement, neither of which established that the assessee individually made th...