In the result, the appeal filed by the assessee is allowed and the appeals filed by the Revenue are dismissed
Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2015-16
bogusness or establish circumstance unerringly and reasonably raising an interference to that effect. The Hon'ble Supreme Court in the case of Umacharan Shah & Bros Vs CIT (37 ITR 271] held that suspicion however strong, cannot take the place of evidence. Since the transaction from the assessee is genuine no addition or disallowance can be made on this account