TMI Blog2007 (8) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... such advance/deposit with the said firm - section 69 are not attracted in the present case and, therefore, the Tribunal was justified in deleting the said addition made on account of unexplained transaction - 160 of 1999 - - - Dated:- 13-8-2007 - R. K. AGRAWAL and VIKRAM NATH JJ. JUDGMENT 1. The present income-tax appeal under section 260A of the Income-tax Act, 1961, hereinafter refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the books of account there were credit entries of Rs. 2,20,000 standing in the name of the respondent-assessee. On being asked to explain the nature and the source of investment so made with the aforesaid firm, the respondent assessee denied to have made any such investment or having given any advance to the said firm. The assessing authority was not satisfied with the statement of the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,20,000 to the respondent-assessee more so when the respondent-assessee had denied to make any such advance/deposit with the said firm. The provisions of section 69 of the Act are not attracted in the present case and, therefore, the Tribunal was justified in deleting the said addition. 5. In view of the foregoing discussion, the substantial question is, therefore, answered in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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