2001 (7) TMI 24 - HC - Income Tax

Summary

The High Court of Punjab and Haryana upheld the addition of Rs. 61,000 to the income declared by the assessee for the assessment year 1988-89. The Tribunal found that the transaction regarding the amount of Rs. 54,000 was not credible as the persons involved were unknown to the lender, and no actual transaction took place. The appeal was dismissed, and no costs were awarded.