Addition Under Section 69A Unsustainable Without Evidence: ITAT Mumbai

Mangeram Sharma Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai ruled in favor of the assessee, Mangeram Sharma, in two appeals concerning assessment years 2005–06 and 2006–07. The disputes arose from the addition of ₹75 lakh as unexplained income under Section 69A of the Income-tax Act, 1961, and corresponding notional interest amounts of ₹1 lakh and ₹9 lakh for the respective years. The additions were based on a loan allegedly extended by the assessee to one Shri Bhanuprasad D. Trivedi (HUF), as indicated in proceedings by the DCIT, Central Circle-1(3), Ahmedabad.Â...