ITAT deletes addition made based on transactions wrongly reported in AIR

JCIT Vs Durga Charitable Society & Vice-Versa (ITAT Delhi)

Referring to the second addition of Rs. 28 lakh also based on the same bank account it was submitted that the assessee through SIP has invested on different dates a total amount of Rs. 70,000/- , Rs. 35,000/- & Rs. 1 lakh in HDFC Long Term Advantage Fund, Franklin India Flexi Cap Fund, HSBC Midcap Equity Fund and HSBC Floating Rate Fund respectively. Apart from this the assessee had also made investment by SIP through its Citi Bank A/c No. 5-

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