MAYANK AGGRAWAL,DELHI vs. ITO WARD 63 1 , DELHI

Coming to the assessee’s sole substantive ground raised herein, it transpires during the course of hearing that both the learned lower authorities’ respective assessment and lower appellate discussion have held the assessee to have invested a sum of Rs.5,29,000/- in cash in M/s. Bhutani group of companies. It is made clear that the learned departmental representative appears to have carried out a search action in the alleged recipient group on 04.01.2024. It is on the basis of same alleged material not specified in the assessment or in the lower appellate findings that the impugned addition has been made in the assessee’s hand. 3. Both the parties vehemently reiterate their respective stands against and in support of the impugned addition. This tribunal sought to verify both the assessment as well as lower appellate discussion as to what specific material has been discovered against the assessee so as to add the sum in issue of Rs.5,29,000/- in her hands. No such evidence has seen like till date in the department favour. I, therefore, see no merit to uphold the impugned addition of Rs.5,29,000/- made in the assessee’s case. Deleted accordingly. 4. This assessee’s appeal is allowed. Order pronounced in the open court on 2nd July, 2026