Addition U/s 69A Deleted – Third Party Statement Without Corroboration Insufficient

Jyoti Ahuja Vs ITO (ITAT Delhi) The ITAT Delhi allowed the assessee’s appeal and deleted addition of ₹1.80 crore made u/s 69A alleging unexplained cash used for foreign remittance through alleged accommodation entry operators. The AO had relied mainly on the statement of a third party (Sanjay Garg) and investigation findings regarding import-related transactions. However, the Tribunal observed that the matter was selected for scrutiny to verify commission income and there was no evidence that the assessee had imported goods, held import licence, or carried on any business activity. The Tri...