No addition of unaccounted investment if transactions were via Banking Channels

ITO Vs Vaneet Mittal (ITAT Chandigarh)

Conclusion: Addition on account of investment made from undisclosed sources was deleted as as all transactions were made through banking channels and AO had made the addition in question on assumption and presumption basis.

Held: Assessee an individual filed his return of income for the assessment year under consideration declaring total income of Rs. 5,04,990/-. The case was selected for scrutiny and AO passed assessment order u/s 143(3) and det

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