Addition u/s 69A Partly Sustained – Disallowance Restricted to 10%

Amit Anand Vs ITO (ITAT Delhi)

The assessee’s case was reopened u/s 147 based on investigation information alleging accommodation entries of about ₹50.50 lakh routed through entities controlled by an entry operator. During assessment, the AO treated ₹50.90 lakh credited in the bank account as unexplained money u/s 69A on the ground that the assessee failed to substantiate the genuineness of transactions and documentary evidence regarding sale of food grains. The CIT(A) confirmed the addition relying on statements o

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