ITAT Hyderabad Deletes Section 69 Addition as Dumb Document Lacked Evidence

ACIT Vs Rutuja Projects (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting an addition of ₹1,05,96,934 made under Section 69 of the Income Tax Act on account of alleged unexplained investment. The Tribunal also allowed the assessee’s cross-objection supporting the CIT(A)’s order. The assessee, a partnership firm engaged in the business of construction and development of residential flats, had filed its return for Assessment Year (AY) 2019-20 declaring an ...