Third-Party ERP Entries Alone Cannot Justify Section 69 Addition: ITAT Deletes Jewellery Purchase Addition

Jiten Basantilal Jain Vs ITO (ITAT Ahmedabad) Third-Party ERP Entries Alone Cannot Justify Section 69 Addition: ITAT Deletes Jewellery Purchase Addition The Ahmedabad ITAT deleted addition of ₹16.05 lakh made under Section 69 against a jewellery trader, holding that uncorroborated entries found in third-party ERP software during search on another group cannot, by themselves, establish unexplained investments or purchases. The assessee, proprietor of M/s Mahalaxmi Jewellers, had filed return under presumptive taxation scheme of Section 44AD. During search proceedings on the Tirth Gold group, ...