Addition u/s. 69A towards on-money transaction without any concrete evidence is deleted

Munjal Mrugesh Jaykrishna Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s. 69A towards unexplained money [on-money transaction] simply on the basis of presumptions without any concrete evidence is liable to be deleted. Accordingly, addition u/s. 69A deleted as it lacks a valid basis. Facts- Based on the information received regarding on-money transaction to Navratna Organizers and Developers Pvt Ltd (NODPL) in purchase of Unit/Villa amounting of Rs.95,56,000/-, the Assessing Officer observed that the same had been escaped assessment; thus, he reopened the assessment u/s. 147 of ...