Addition u/s. 69 on protective basis not justified as genuineness of transaction established

Lalit Kumar Modi Vs DCIT (ITAT Delhi)

ITAT Delhi held that addition under section 69 of the Income Tax Act on protective basis not justified since assessee established genuineness of transaction and creditworthiness of entity from which share application money is received.

Facts- As per the information received from Foreign Tax Division (FT & TR-I), CBDT, New Delhi, the Assessing Officer has summarised the credit cards purchases made by the assessee on the basis of credit card bills, details. Notably, during the year, the assessee has made huge payments

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