Delhi HC Deletes Section 68 Addition as Revenue Failed to Link Cash Deposit to Assessee

CIT Vs Real Time Marketing Private Limited (Delhi High Court) The Revenue filed an appeal under Section 260A of the Income-tax Act against the order of the Income Tax Appellate Tribunal (ITAT) for Assessment Year 2001-02. The Tribunal had held that there was no material linking the assessee with the sum of ₹22,97,000 deposited in cash in the bank account of M/s. Fair Business Security and Leasing Pvt. Ltd. (FBSL). During the relevant year, the assessee had received an unsecured loan of ₹25 lakh from M/s. Aishwaray Capital Lease Finance Pvt. Ltd. (ACL). The Assessing Officer examined the ba...