Addition U/s. 69A not sustainable if based on mere loose sheet found in third person premises

Riveria Properties (P) Ltd. Vs. ITO (ITAT Mumbai) Assessing officer is not correct in coming to the conclusion that on money is exchanged between the parties based on a loose sheet found in the premises of a third person. To sustain the addition, the assessing officer should have conducted an independent inquiry about the value of the property and ascertain whether any under valuation is done, if so what is the correct value of the property. Further, the assessing officer did not brought on record any evidence to support his contention to say that there is on-money exchanged between the partie...