https://www.taxtmi.com/caselaws?id=470295 Section 69A applies only where an assessee is found to own unrecorded money and cannot satisfactorily explain its nature and source. An amount characterised by the department as a loan is not, without more, unexplained money. Where both the alleged creditor and debtor deny the transaction, the third-party statements relied upon have been retracted, and no independent corroborative evidence exists, an addition cannot be sustained solely on those statements. Applying the approach followed in similar additions for earlier years, the Section 69A addition was deleted. en-us Mon, 17 Mar 2025 00:00:00 +0530 Wed, 22 Jul 2026 20:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470295 Section 69A applies only where an assessee is found to own unrecorded money and cannot satisfactorily explain its nature and source. An amount characterised by the department as a loan is not, without more, unexplained money. Where both the alleged creditor and debtor deny the transaction, the third-party statements relied upon have been retracted, and no independent corroborative evidence exists, an addition cannot be sustained solely on those statements. Applying the approach followed in similar additions for earlier years, the Section 69A addition was deleted. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470295