Case Law Details
Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. Vs ITO (ITAT Delhi)
As far as addition of Rs.5 lakh of amount received from Sh. Jasbir Singh is concerned, we find that CIT(A) has given a finding that his confirmation, bank statement evidencing bank transfer is on record but since he had not given source of the money, the conditions stipulated u/s 68 have not been complied. We do not agree with the reasoning of CIT(A). When the fact of confirmation, bank transfer and bank statement of the lender of the money has not been found to be incorrect, it cannot be concluded the genuineness of transaction to have not been established. In such a situation we are of the view that no addition was called for in his case. We therefore, direct the deletion.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal filed by the assessee is directed against the order dated 09.03.2017 of the Commissioner of Income Tax (A)-I, New Delhi relating to Assessment Year 2012-13.
2. The relevant facts as culled from the material on records are as under:
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