Tribunal held that the assessee has not proved the source of the security deposits claimed to have been received. Payment to an agent and deduction of tax from such payment would not prove the creditworthiness of that agent or the genuineness of the purported security deposit from that agent. Addition is held to be justified . ( AY.2008-09)
Carol Securities Pvt. Ltd. v Dy. CIT (2020)78 ITR 469 ( Delhi) (Trib)
S.68: Cash credits — Security deposits —Lack of full details of parties – Addition is held to be justified .