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ITAT Pune Deletes ₹16.9 Lakh Section 69 Addition – Transaction Belonged to Earlier Year
Case Law Details
- Case Name
- Hello Textiles Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
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Hello Textiles Vs ITO (ITAT Pune)
Assessee, a partnership firm, challenged the CIT(A)/NFAC order confirming an addition of ₹16,90,000 u/s 69 as unexplained investment based on alleged transfer to Silver Shine Exports, Ahmedabad, discovered during investigation of entry operators.
AO treated the sum as unexplained after obtaining HSBC Bank details showing a remittance by “Hello Textiles” to Silver Shine Exports. Assessee denied any such transaction, explaining that its business had not commenced during A.Y. 2010–11 & that the address on record in the bank document (Surat, Gujarat) d...
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