2001 (7) TMI 103 - HC - Income Tax

Summary

The High Court of Madras dismissed the appeal filed by the assessee under section 260A of the Income-tax Act, 1961. The issue revolved around the deletion of Rs. 1,34,422 by the Commissioner of Income-tax based on section 40A(3) of the Act. The Tribunal directed the Assessing Officer to verify the transactions, but the assessee failed to provide evidence of their genuineness. As a result, the addition to the income was upheld. The court found no substantial legal question and dismissed the appeal.