No Section 68 addition merely for Common Address & Directors

Society For Institute For Professional Studies Vs JCIT (ITAT Delhi) It is well settled Law that assessee need not to prove source of the source. We rely upon the Judgment of the Hon’ble Delhi High Court in the case of Dwarkadhish Investment P. Ltd., [2011] 330 ITR 298 (Del.)   (HC), Judgment of Hon’ble Gujarat High Court in the case of Rohini Builders 256 ITR 360 (Guj) and Judgment of Hon’ble Allahabad High Court in the case of Zafar Ahmed & Co. 30 taxman.com 269 (All.). The A.O. entirely on different reasons that there is a common Director in 03 companies and common address disbel...