2007 (8) TMI 257

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..... h could link the advance/deposit to the assessee more so when the assessee had denied to make any such advance/deposit with the said firm - section 69 are not attracted in the present case and, therefore, the Tribunal was justified in deleting the said addition made on account of unexplained transaction
R. K. AGRAWAL and VIKRAM NATH JJ. JUDGMENT 1. The present income-tax appeal under section .....

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..... s of account and other documents were seized. In the books of account there were credit entries of Rs. 2,20,000 standing in the name of the respondent-assessee. On being asked to explain the nature and the source of investment so made with the aforesaid firm, the respondent assessee denied to have made any such investment or having given any advance to the said firm. The assessing authority was no .....

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..... ich could link the advance/deposit of Rs. 2,20,000 to the respondent-assessee more so when the respondent-assessee had denied to make any such advance/deposit with the said firm. The provisions of section 69 of the Act are not attracted in the present case and, therefore, the Tribunal was justified in deleting the said addition. 5. In view of the foregoing discussion, the substantial question is, .....

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