No Sec 69 Addition merely for Property Transfer via Registered Sale Without Payment to Vendor: ITAT

Hyfun Frozen Foods Pvt Ltd Vs ITO (ITAT Ahmedabad) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in the case of Hyfun Frozen Foods Pvt Ltd Vs ITO concerning an appeal against the order of the Commissioner of Income Tax (Appeals)-2, Ahmedabad, for the assessment year 2015-2016. The crux of the matter revolved around the addition of Rs. 95,47,000/- under section 69 of the Income Tax Act, 1961. The appellant, Hyfun Frozen Foods Pvt Ltd, challenged the addition made by the Assessing Officer (AO) on the grounds that there was no evidence to support the presumption o...