https://www.taxtmi.com/caselaws?id=290646 The High Court of Delhi dismissed the revenue's appeal challenging the addition of a deposit in a foreign bank account to the assessee's income under section 68 of the Income Tax Act. The Court held that the revenue lacked substantial material to support adding the amount to the income, especially considering the report from American authorities confirming the transaction's legitimacy. The Court found no substantial question of law due to the established genuineness of the transaction and upheld the Tribunal's decision in favor of the assessee. en-us Tue, 19 Feb 2008 00:00:00 +0530 Thu, 08 Oct 2020 15:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290646 The High Court of Delhi dismissed the revenue's appeal challenging the addition of a deposit in a foreign bank account to the assessee's income under section 68 of the Income Tax Act. The Court held that the revenue lacked substantial material to support adding the amount to the income, especially considering the report from American authorities confirming the transaction's legitimacy. The Court found no substantial question of law due to the established genuineness of the transaction and upheld the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290646