Assessment u/s 153A - Addition u/s 69 - on money payment made by ...

Court Rules Addition u/s 69 Unsustainable Due to Lack of Evidence in Section 153A Assessment for On-Money Payments.

December 12, 2020

Case Laws     Income Tax     AT

Assessment u/s 153A - Addition u/s 69 - on money payment made by the assessee - As noted by the learned CIT(A) despite extensive search no other material of on money was seized except for the admission of the assessee for the amount paid for the amenities, which were duly offered to tax in the hands of the assessee’s company in which he was director - when the addition is solely based upon builder’s employee statement, which has been retracted and without any corroborative material brought on record, the same is not sustainable. - AT

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