2008 (8) TMI 17

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....AHMED HON?BLE MR JUSTICE RAJIV SHAKDHER   BADAR DURREZ AHMED, J (ORAL) 1.   This appeal under Section 260 A of the Income-tax Act, 1961 has been preferred against the tribunal's order dated 15.06.2007 in respect of the assessment year 1996-97. The Assessing Officer had made an addition on account of the alleged unexplained investment made by the assessee through Certific....

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.... notarized of these three persons which established their identity has been filed by the appellant affirming that the contributions were made by these three persons. In these circumstances, after the receipt of the report dated 19/4/2002 of the FTD, which was not available on record at the time of finalization of assessment, it is clear that the source of funds available in the bank account in que....

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....n through the Foreign Tax Division. But, before the report was received from the said authority, the Assessing Officer completed his assessment and added the entire amount of investment found to be made by the assessee in the deposits with Wells Fargo Bank, USA by treating the same as unexplained. The report, however, was received from the Foreign Tax Division prior to the passing of the order by ....

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....ment of the American Government to the Foreign Tax Division of CBDT, the transaction was completely above board and the revenue could not seek to add the amount to the income of the assessee without any substantial material and merely on the basis of surmises. This court also noted that in view of the concurrent findings of fact with regard to the genuineness of the transaction, no substantial que....