https://www.taxtmi.com/caselaws?id=213210 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition of Rs.5,23,596/- made by the Assessing Officer. The Tribunal found that the investment in bank drafts was properly recorded in the firm's books of account, with the source of funds traced back to a partner's ledger account. Despite doubts raised by the Assessing Officer, the High Court determined that the explanation provided was supported by relevant entries in the books of account, leading to the dismissal of the appeal due to lack of substantial legal questions. en-us Fri, 30 Mar 2012 00:00:00 +0530 Sat, 12 May 2012 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213210 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition of Rs.5,23,596/- made by the Assessing Officer. The Tribunal found that the investment in bank drafts was properly recorded in the firm's books of account, with the source of funds traced back to a partner's ledger account. Despite doubts raised by the Assessing Officer, the High Court determined that the explanation provided was supported by relevant entries in the books of account, leading to the dismissal of the appeal due to lack of substantial legal questions. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213210