COMMISSIONER OF INCOME TAX Vs. POONAM RANI SINGH

JUDGEMENT

(1.) 4533/Del/2003 relevant for the asst. yr. 1997 -98. 2. A deposit of US $ 1,00,000 was found in the bank account of the assessee in Wells Fargo Bank, USA. 3. The matter was referred to the Foreign Tax Division of the CBDT for enquiry and they obtained a report from the American authorities.

(2.)

(3.) The report indicates that the amount deposited with the bank came from explained sources. It is also mentioned that the persons who had advanced the sums to the assessee and her husband were repaid the amount since the agreement between the loanee and the assessee and her husband could not fructify.