ITAT Delhi Restricts Section 69 Addition as Unsupported Extrapolation Lacked Evidence

Parul Suyal Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the assessee’s appeal by holding that the Assessing Officer (AO) was not justified in extrapolating an amount appearing in a seized Excel sheet without supporting evidence. The Tribunal directed that the addition under Section 69 of the Income Tax Act be restricted to the actual amount reflected in the seized document instead of the enhanced figure adopted by the AO. The appeal arose from an assessment made under Sections 147 and 148 of the Income Tax Act for Assessment Year 2020-21. The asses...