Addition u/s 69A Partly Sustained – Disallowance Restricted to 10%

Amit Anand Vs ITO (ITAT Delhi) The assessee’s case was reopened u/s 147 based on investigation information alleging accommodation entries of about ₹50.50 lakh routed through entities controlled by an entry operator. During assessment, the AO treated ₹50.90 lakh credited in the bank account as unexplained money u/s 69A on the ground that the assessee failed to substantiate the genuineness of transactions and documentary evidence regarding sale of food grains. The CIT(A) confirmed the addition relying on statements of alleged entry operators admitting that bank accounts were used to route ...