2010 (8) TMI 134 - HC - Income Tax

Unexplained investment - section 69 - Held that - the source of money, out of which the draft has been prepared , has been explained. In respect of a sum of money also the Tribunal has accepted the explanation of the assessee No substantial question of law arises from the order of the tribunal, the appeal is dismissed.

Summary

The High Court of Allahabad dismissed an appeal under Section 260(A) of the Income Tax Act, 1961 for the assessment year 1991-1992. The appeal raised questions regarding deletion of additions made by the Assessing Officer. The Tribunal upheld the deletion of the additions, stating that the explanations provided by the assessee were satisfactory. The Court found no substantial question of law and dismissed the appeal.