Section 69A Addition Deleted for Undated Seized Paper Without Corroboration: ITAT Delhi

Air Con Systems (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) The assessee appealed against the order of the Commissioner of Income Tax (Appeals) arising from an assessment framed under Section 144 read with Section 153A of the Income-tax Act, 1961 for Assessment Year 2020-21. The dispute related to an addition of Rs. 62,00,000 made under Section 69A as unexplained and undisclosed receipts based on a seized loose paper. A search and seizure operation was conducted in the case of another group, followed by consequential searches. The assessee was also covered under the search, and a notice under Secti...