ITAT Deletes Section 69 Addition as Seized Loose Sheet Was a Dumb Document

ACIT Vs Krishna Kanth Amand (ITAT Hyderabad) The ITAT Hyderabad dismissed the Revenue’s appeal and upheld the CIT(A)’s order deleting an addition of ₹2.36 crore made under Section 69 of the Income-tax Act on account of alleged unexplained investment in purchase of immovable property. The Assessing Officer had relied solely on a seized loose sheet (Page-24 of Annexure A/LA/RES/01) recovered during a search on the seller, alleging that the assessee had paid on-money over and above the registered sale consideration. The Tribunal found that no independent or corroborative evidence wa...