https://www.taxtmi.com/caselaws?id=30443 The court upheld the deletion of an alleged unexplained investment made by the assessee through Certificate of Deposit (CD) in Wells Fargo Bank, USA for the assessment year 1996-97. The Commissioner of Income-tax (Appeals) deleted the addition based on evidence provided by the assessee, including affidavits from foreign nationals confirming their contributions. The source of funds was established, and no substantial question of law arose. The tribunal dismissed the revenue's appeal based on the genuineness of the transaction and lack of substantial material for adding the amount to the assessee's income, in line with a previous court order. en-us Tue, 05 Aug 2008 00:00:00 +0530 Wed, 27 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30443 The court upheld the deletion of an alleged unexplained investment made by the assessee through Certificate of Deposit (CD) in Wells Fargo Bank, USA for the assessment year 1996-97. The Commissioner of Income-tax (Appeals) deleted the addition based on evidence provided by the assessee, including affidavits from foreign nationals confirming their contributions. The source of funds was established, and no substantial question of law arose. The tribunal dismissed the revenue's appeal based on the genuineness of the transaction and lack of substantial material for adding the amount to the assessee's income, in line with a previous court order. Case-Laws Income Tax Tue, 05 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30443