Amit Lalit Kapoor v. ITO (2022)96 ITR 65 (SN)(Mum) (Trib)b

S. 68: Cash credits-Deposits in bank accounts-Matter remanded for verification.

The Tribunal held that the genuineness of the transaction could not be ascertained unless a detailed inquiry was carried out by the Assessing Officer. The Assessing Officer may direct the assessee to produce the relevant information and persons who paid cash and treatment of this sum in the books of WF to substantiate the veracity of the agreement. (AY. 2013-14)