Held that there were deposits in the bank account of the matching amount either on the same day or one or two days prior to the transfer of the money to the assessee’s account. Merely because the investments by the investors were made through banking channels, that could not be a ground to absolve the assessee from proving the three ingredients.(AY. 2011-12)
Nuland Infrastructure (P.) Ltd. v. ITO (2022) 98 ITR 28 (SN)(Hyd) (Trib)
S. 68 : Cash credits-Investors declaring meagre income or not filing returns-Investments made through banking channels not sufficient-Additions was confirmed.