Mere Absence of Bills for Wrist Watches Not Grounds for Section 69A Addition

Narinder Singh Punihani Vs DCIT (ITAT Delhi) Introduction: In a recent case, Narinder Singh Punihani Vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi delivered a noteworthy judgment, emphasizing that the absence of bills and invoices for wrist watches found during a search operation is not a valid reason for addition under Section 69A of the Income Tax Act. The case revolves around the assessment year 2019-20, where the assessee contested the addition of Rs.21 lakhs made by the Assessing Officer. Detailed Analysis: 1. Background of the Case: The dispute arose during a search and seizur...