Section 69A Addition Deleted as AO Relied Only on Investigation Report: ITAT Mumbai

Bharat Surendra Pandya Vs DCIT (ITAT Mumbai) Mumbai ITAT Deletes ₹1.62 Crore Addition U/s 69A as AO Relied Solely on Investigation Report Without Independent Inquiry The Mumbai ITAT partly allowed the assessee’s appeal and directed deletion of the addition of ₹1,62,30,000 made under Section 69A of the Income-tax Act. The reassessment was reopened under Section 148 based on information from the Investigation Wing alleging commodity transactions resulting in escapement of income. The assessee consistently denied receiving ₹1,62,30,000, submitted bank statements showing only ₹10,95,619 ...