ITAT Pune Deletes ₹16.9 Lakh Section 69 Addition – Transaction Belonged to Earlier Year

Hello Textiles Vs ITO (ITAT Pune) Assessee, a partnership firm, challenged the CIT(A)/NFAC order confirming an addition of ₹16,90,000 u/s 69 as unexplained investment based on alleged transfer to Silver Shine Exports, Ahmedabad, discovered during investigation of entry operators. AO treated the sum as unexplained after obtaining HSBC Bank details showing a remittance by “Hello Textiles” to Silver Shine Exports. Assessee denied any such transaction, explaining that its business had not commenced during A.Y. 2010–11 & that the address on record in the bank document (Surat, Gujarat) d...