Cash advance against property cannot be treated as undisclosed money on mere conjectures & hypothesis

Shri Om Prakash Singh Vs ACIT (ITAT Agra) When we test the explanation of the assessee in the light of evidences available on records and the precedents governing the issue, we find that identity of the Company who has advanced money to the assessee is proved beyond doubt. There can be hardly any dispute regarding the identity of the company which is body corporate and filing its Income Tax Return which was downloaded by the Assessing officer on his own from the system. The genuineness of the transaction is proved from the amount received from the party was duly reflected in the audited accoun...