Addition based on unsigned, undated and unstamped sale and purchase agreement untenable

Chandrakant Chhaganbhai Gondalia Vs DCIT (ITAT Surat) ITAT Surat held that addition based on unsigned, undated and unstamped Satakhat/ sale and purchase agreement cannot be sustained since such document has no evidentiary value in the eye of law. Accordingly, addition u/s. 69B deleted. Facts- The case of assessee was reopened u/s. 147 of the Income Tax Act, 1961. The assessment was reopened on the basis of information that a survey action u/s. 133A of the Act was carried out in the office premises of Turnish B Kania, Advocate. One of the Satakhat, it was found that the assessee and Shri Ramesh...