Addition under Section 69 Cannot Be Based on Unsigned, Unacted Agreement

Smt. Swapna Vs DCIT (Telangana High Court) Addition under Section 69 Cannot Be Based on Unsigned, Unacted Agreement The Telangana High Court allowed the assessee’s appeal and deleted the addition of ₹20 lakhs made under Section 69, holding that the same was unsustainable in law. The addition was based solely on a photocopy of an unsigned agreement for sale found during search proceedings, which was admittedly never acted upon and did not culminate in a completed transaction. The Court held that: An unsigned and unexecuted agreement, even if found during a search, does not constitute concl...