https://www.taxtmi.com/caselaws?id=63611 The Tribunal held that the ITO was not justified in taking action under s. 147(a) as the additions made were not sustainable. The previous year for the Khandsari business was deemed to be the Diwali year. The cash credits and loans were satisfactorily explained, and the cost of construction was not understated. Consequently, the appeals were allowed, and the penalty for concealment of income was deleted. en-us Sat, 04 Jun 1977 00:00:00 +0530 Tue, 01 Feb 2011 10:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63611 The Tribunal held that the ITO was not justified in taking action under s. 147(a) as the additions made were not sustainable. The previous year for the Khandsari business was deemed to be the Diwali year. The cash credits and loans were satisfactorily explained, and the cost of construction was not understated. Consequently, the appeals were allowed, and the penalty for concealment of income was deleted. Case-Laws Income Tax Sat, 04 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63611