Dismissal of Appeal Against Income Tax Assessment Addition for Unsubstantiated Transaction

The High Court Kerala dismissed the appeal challenging the addition of Rs. 1 lakh in the petitioner's income-tax assessment for 1988-89. The court upheld the addition of the disowned balance Rs. 1 lakh by the creditor due to the appellant's failure to substantiate the transaction, resulting in the appeal's dismissal.

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The High Court Kerala dismissed the appeal regarding the addition of Rs. 1 lakh in the petitioner's income-tax assessment for 1988-89. The addition was limited to the balance Rs. 1 lakh disowned by the creditor, and the appellant failed to prove the transaction, leading to the dismissal of the appeal.

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