Addition u/s. 69A towards unexplained money based on unsigned unexecuted draft agreement unsustainable

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

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