PAWAN KUMAR BANSAL vs DEPUTY COMMISSIONER OF INCOME TAX*

Whether the addition of Rs.3,78,31,600/- on the basis of seized diary can be sustained after giving benefit of opening balances and peak credit? --- Held: No, addition ultimately reduced to nil due to opening cash balance of Rs.13,31,117/-. Whether the addition of notional interest on advances to JR Textiles and Faquir Chand is justified? --- Held: No, deleted. Whether the addition of undisclosed interest income of Rs.48,24,020/- based on seized interest account is justified? --- Held: Yes, sustained. Whether the approval u/s 153D was mechanical? --- Held: No, dismissed.