S.69A: No addition where no money/bullion found in possession

Brief of the Case

ITAT Mumbai held in the case of ITO vs. Shri Parvez Mohammed Hussain Ghaswala that it is undisputed that papers showing the name of “Parvez Sir” were found in the premises of Alliance Hotel during the course of search action and not from assessee. Papers found were not in his handwriting. The partner of Alliance Hotel, Shri Kasam Ghaswala in his statement has stated that payment made to “Parvez Sir” is not the amount paid to the assessee. Neither the survey party nor the Assess

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