Genuine Loans from Close Relatives Cannot Be Doubted: ITAT Chandigarh Deletes Addition  

Smt. Savita Dalal Vs ITO (ITAT Chandigarh) Assessee did not originally file return. Notice u/s 148 was issued after the Department noticed high-value bank transactions of ₹54.89 lakh in her HDFC Bank account. In response, assessee filed return declaring income of ₹9.78 lakh. AO noted certain cash/credit entries & made addition of ₹8.70 lakh, treating them as unexplained. CIT(A) upheld the addition. Tribunal’s Observations Loan from Sister-in-law: Assessee had taken ₹4 lakh from her bhabhi, Smt. Suman Gehlot, who had filed return showing income of ₹6.10 lakh & had sufficien...