Section 69 Addition Cannot Rest Solely on Uncorroborated Loose Sheets: ITAT Hyderabad

Venkata Satyanarayana Vs ACIT (ITAT Hyderabad) The assessee appealed against the order of the CIT(A) confirming an addition of ₹1,20,06,000 made under Section 69 of the Income Tax Act in proceedings initiated under Section 153C for AY 2019-20. The addition arose from a loose sheet seized during a search under Section 132 at the premises of a third party, M/s MSR India Limited. The Assessing Officer treated the figures recorded in the loose sheet as representing the actual consideration paid for the purchase of certain plots and, after reducing the amount disclosed in the registered transacti...