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Addition u/s. 69A towards on-money transaction without any concrete evidence is deleted
Case Law Details
- Case Name
- Munjal Mrugesh Jaykrishna Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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Munjal Mrugesh Jaykrishna Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition u/s. 69A towards unexplained money [on-money transaction] simply on the basis of presumptions without any concrete evidence is liable to be deleted. Accordingly, addition u/s. 69A deleted as it lacks a valid basis.
Facts- Based on the information received regarding on-money transaction to Navratna Organizers and Developers Pvt Ltd (NODPL) in purchase of Unit/Villa amounting of Rs.95,56,000/-, the Assessing Officer observed that the same had been escaped assessment; thus, he reopened the assess...
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