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ITAT held that the Assessing Officer's addition of Rs. 22.25 Crore under Section 69 was unsustainable. The addition was based solely on a retracted statement by the company's director and an unverified loose sheet lacking proper authentication. Without corroborative evidence, the tribunal found no justification for the unexplained investment. The absence of corresponding additions in beneficiaries' assessments further weakened the AO's case. The CIT(A)'s deletion of the addition was upheld, and the Revenue's appeal was consequently dismissed.
ITAT held that the Assessing Officer's addition of Rs. 22.25 Crore under Section 69 was unsustainable. The addition was based solely on a retracted statement by the company's director and an unverified loose sheet lacking proper authentication. Without corroborative evidence, the tribunal found no justification for the unexplained investment. The absence of corresponding additions in beneficiaries' assessments further weakened the AO's case. The CIT(A)'s deletion of the addition was upheld, and the Revenue's appeal was consequently dismissed.
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