Third-party loose sheets & retracted statements not justify section 69 addition

DCIT Vs Sujai Anand Reddy (ITAT Chennai) For addition u/s 69, AO must conclusively establish that assessee made an investment that remains unexplained – Third-Party Loose Sheets& Retracted Statement Can’t Sustain Section 69 Chennai ITAT has dismissed the Revenue’s appeal & upheld the order of CIT(A) deleting an addition of Rs 1 crore made u/s 69 . Assessee, an individual, was subjected to search proceedings u/s 132 in connection with the case of South India Bottling Company. During the course of search, no incriminating material was found from his premises to suggest that he ...