2013 (6) TMI 305 - SCH - Income Tax

Appeal dismissed: Partner's sole statement cannot justify firm tax additions; independent corroborative evidence required under tax law

The SC dismissed the appeal and upheld the HC's decision that additions to the assessment of a firm, made solely on the basis of a statement by any ... Concurrent findings of factConcurrent findings of fact - The civil appeal filed by the Department was dismissed on account of concurrent findings of fact. - HELD THAT: - The Court heard learned counsel for both parties and granted leave to appeal. Having considered the matter, the Supreme Court found that the questions raised were governed by concurrent findings of fact returned by the courts below. In view of those concurrent factual findings, the Court concluded that the appeal did not warrant interference and accordingly dismissed the appeal.Civil appeal dismissed in view of concurrent findings of fact; no order as to costs.Final Conclusion: The Department's civil appeal for assessment year 2001-2002 is dismissed by the Supreme Court on the basis of concurrent findings of fact; no order as to costs. The Supreme Court dismissed a civil appeal filed by the Department for the assessment year 2001-2002 due to concurrent findings of fact. No costs were awarded. (Case citation: 2013 (6) TMI 305 - SC)