https://www.taxtmi.com/caselaws?id=78872 The High Court dismissed the appeal challenging the deletion of a '30 lacs addition made by the Assessing Officer under Section 68 of the Income Tax Act, 1961. The Tribunal and Commissioner of Income Tax (Appeals) found that the amount was an advance forfeited under a legitimate Agreement to Sell with a registered company, M/s. Fair N. Square. Despite the creditor being untraceable, the Court upheld the deletion, emphasizing the genuineness of the transaction based on provided evidence, including the company's PAN number and details. The appeal was dismissed as the issue was deemed purely factual with no legal question for consideration. en-us Tue, 07 Sep 2010 00:00:00 +0530 Thu, 23 Dec 2010 09:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78872 The High Court dismissed the appeal challenging the deletion of a '30 lacs addition made by the Assessing Officer under Section 68 of the Income Tax Act, 1961. The Tribunal and Commissioner of Income Tax (Appeals) found that the amount was an advance forfeited under a legitimate Agreement to Sell with a registered company, M/s. Fair N. Square. Despite the creditor being untraceable, the Court upheld the deletion, emphasizing the genuineness of the transaction based on provided evidence, including the company's PAN number and details. The appeal was dismissed as the issue was deemed purely factual with no legal question for consideration. Case-Laws Income Tax Tue, 07 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78872