Addition u/s 69 deleted as receipt of cold storage rent in cash not reason to doubt genuineness: ITAT Delhi

DCIT Vs Suboli Ice and Cold Storage Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that genuineness and veracity of the party cannot be doubted merely because the cold storage rent was received in cash. Accordingly, addition u/s. 69 of the Income Tax Act towards unexplained investment unjustified. Facts- Assessee is in the business of running cold storage facility. Pursuant to search in the case of Rakesh Jain, there was a survey u/s. 133A in the premises of the assessee including its cold storage facility. In the course of assessment proceedings, a show cause notice was issued to the assessee to furn...