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Addition u/s. 69A towards unexplained money based on unsigned unexecuted draft agreement unsustainable
Case Law Details
- Case Name
- ACIT Vs Mayfair Resorts India Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Mayfair Resorts India Ltd. (ITAT Delhi)
ITAT Delhi held that towards unexplained money u/s. 69A of the Income Tax Act merely on the basis of unsigned unexecuted draft agreement to sale without any other collaborative evidence is unsustainable in law.
Facts- The present appeal is preferred by the revenue contesting that CIT(A) has erred in deleting the addition of Rs. 1.50 Cr. made as unexplained money u/s. 69A of the IT, 1961 by ignoring the established facts that seized document found during search has permissibility as per the provision of presumption u/s. 292C of th...
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