https://www.taxtmi.com/caselaws?id=294506 The ITAT concluded that the AO's addition of Rs. 1 crore as unexplained money under Section 69A of the IT Act was not justified. The CIT(A) deleted the addition, emphasizing that retracted statements could not be relied upon without further evidence. The ITAT upheld the CIT(A)'s decision, stating that the AO's findings were based on suspicion without supporting evidence. The revenue's appeal was dismissed, affirming that the addition of Rs. 1 crore was unjustified. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sun, 18 Apr 2021 20:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294506 The ITAT concluded that the AO's addition of Rs. 1 crore as unexplained money under Section 69A of the IT Act was not justified. The CIT(A) deleted the addition, emphasizing that retracted statements could not be relied upon without further evidence. The ITAT upheld the CIT(A)'s decision, stating that the AO's findings were based on suspicion without supporting evidence. The revenue's appeal was dismissed, affirming that the addition of Rs. 1 crore was unjustified. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294506