Section 69A Addition Invalid if ownership of money or valuable not proved: ITAT Nagpur

DCIT Vs Biharilal Shadhuram Chhabriya (ITAT Nagpur) ITAT Nagpur held that application of section 69A for addition towards unexplained money misconceived as assessee was not found owner of any money or valuable. Also held that in case of search proceedings, there cannot be any extrapolation of income unless it is backed by cogent and reliable evidence. Facts- The assessee is an individual engaged in the business as finance broker and earns income from brokerage for arranging loans on behalf of borrower from the lender. During the course of assesses business operations, movement of funds is dire...