Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Addition u/s 68 - The Tribunal, in dismissing the revenue's appeal, noted that while the AO had raised suspicions regarding the genuineness of the transaction, no tangible material was brought on record to support such suspicions. The assessee had disclosed the names of the jewellers to whom the jewellery was sold, along with evidence of payment through banking channels. - Now High Court confirmed the order of ITAT.
Addition u/s 68 - The Tribunal, in dismissing the revenue's appeal, noted that while the AO had raised suspicions regarding the genuineness of the transaction, no tangible material was brought on record to support such suspicions. The assessee had disclosed the names of the jewellers to whom the jewellery was sold, along with evidence of payment through banking channels. - Now High Court confirmed the order of ITAT.
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