No Section 69 Addition for Cash Payment based on Seized Third-Party Ledger Alone

Mahendra Lalka Vs DCIT (ITAT Lucknow) Introduction: In the case of Mahendra Lalka Vs DCIT (ITAT Lucknow), the tribunal provided a significant ruling on Section 69 of the Income Tax Act. This case centered around the addition of ₹17,00,000 under Section 69, a provision concerning unexplained investment, based on a ledger account seized from a third party. Analysis: Background: The appellant, Mahendra Lalka, challenged the addition of ₹17,00,000 under Section 69 of the Income Tax Act. The addition was made based on a ledger account seized from a third party, showing evidence of cash payment...