Addition towards unexplained investment set aside as genuinity of transaction proved: Madras HC

Sundarapandian Vs Assessment Unit (Madras High Court) Madras High Court held that once the genuinity of the transaction is proved by the petitioner before this Court, there is no necessity for remanding the matter back to the respondents. Accordingly, addition towards unexplained investment set aside. Facts- In the present case, the dispute is with regard to the deposit of a sum of Rs.64,58,320/- which was made in the bank account of the petitioner. In this regard, the respondent had issued show cause notice and passed the impugned orders by treating the said amount as “unexplained investmen...