Treatment of income due to mere presence of blank cheque without any other evidence not tenable

Ashok Parshad Gupta Vs DCIT (ITAT Delhi)

ITAT Delhi held that mere presence of blank cheque without there being any other evidence, proving earning of any income or making of any capital transaction, the same cannot be treated as income. Accordingly, ground raised by revenue dismissed.

Facts- The assessee is engaged in the business of chemicals. Post search and survey operations, AO found that the assessee has made undisclosed income amounting to Rs.18,68,540/- during the year under consideration. Accordingly, he made addition u/s 69 of the Act. CIT (A) dele

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