ITAT says Cash Entry Cannot Sustain Addition Without Link to Relevant Assessment Year

An alleged cash transaction recorded in data seized during a search on the Omaxe Group was used to reopen an assessment and add ₹7,58,600 as unexplained investment. The Tribunal found that the seized entry was dated 27 June 2008 and that the Assessing Officer had not established how the alleged payment related to AY 2019-20. Since the assessee’s explanation of an adjustment of earlier payments had not been contradicted by material on record, the addition was deleted.