Section 69A addition deleted

The Mumbai Bench of the Income Tax Appellate Tribunal allowed the assessee's appeal by deleting an addition of ₹1.62 crore made under Section 69A of the Income-tax Act, 1961. The Tribunal held that the Assessing Officer had failed to independently verify the allegations contained in the Investigation Wing's report despite the assessee furnishing affidavits and bank statements disproving the alleged receipt.