Addition towards unexplained investment u/s 69 on loose sheet is unsustainable

Nischal Sethi Vs ITO (ITAT Delhi) ITAT Delhi held that addition of unexplained investment under section 69 of the Income Tax Act merely on the basis of loose sheet alone without any other corroborative evidence is unsustainable in law. Facts- The assessment was re-opened based on the information received from Investigation Wing that the assessee has invested 40,00,000/- towards purchase of commercial property in Nehru Vikas Minar Projects out of which Rs.20,00,000/- was paid in cash. In the course of re-assessment proceedings the Assessing Officer required the assessee to explain the investmen...