Loose Sheets + Retracted Statement Not Enough for 69A On-Money Addition: ITAT Chennai

DCIT Vs Gnanaguru Lavanya (ITAT Chennai) ITAT Chennai Deletes On-Money Addition u/s 69A; Third-Party Loose Sheets Retracted Statement Held Insufficient The Chennai Bench of the ITAT dismissed the Revenue’s appeals and upheld the CIT(A)’s deletion of additions made u/s 69A r.w.s. 115BBE for AY 2020-21, relating to alleged “on-money” receipts from sale of land. The Tribunal held that the additions were based solely on uncorroborated loose sheets and notepads seized from a third-party premises, which neither bore the assessee’s handwriting/signature nor established payer, payee, nature,...