Addition u/s. 69A without proper examination of books of accounts unjustified: ITAT Ahmedabad

Kamakshiben Mayashankar Vyas Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that the addition under Section 69A of the Income Tax Act made without proper examination of the books of account and relevant financial records unjustified. Accordingly, order set aside and matter restored back. Facts- The assessee is engaged in the business of petroleum products dealership under the name and style of Bapa Sitaram Petroleum, operating as a dealer of Indian Oil Corporation Limited (IOC), a public sector undertaking since 2006. AO observed, on the basis of AIMS module of ITBA Application, that the assesse...