No addition u/s 69A on the basis of statement recorded during survey if there was no supporting evidence

DCIT Vs Parshwa Associates (ITAT Mumbai) Conclusion: Addition under section 69A was not justified as AO had not brought on record any material in support of the addition made by him nor he provided any basis for arriving at the basis, particularly when all the 30 flats had not been sold during the year relevant to AY 2017-18, therefore, there was no basis for arriving at the conclusion that assessee had received any on-money. Held: Assessee-firm was in the real estate business as a builder and developer. It filed a revised return of income declaring a total income of Rs. 79,89,053. Department ...