Addition u/s 69 based on loose papers sustained on failure to contradict facts found during search

Vinod K. Faria Vs DCIT (ITAT Mumbai) ITAT Mumbai held that addition under section 69 of the Income Tax Act on unaccounted, undisclosed income on the basis of the seized loose papers sustained as assessee failed to discharge his onus by contradicting the facts found during search proceedings. Facts- The assessee is a proprietor of M/s. Mayur Ply ‘N’ Veneers and M/s. Mahavir Glass & Aluminum and is engaged in the business of trading in plywood’s, veneers glass and aluminum. The assessee is also a director in M/s. Genelac Ltd. (a sick company) and Royal Rich Developers Pvt. Ltd. which i...