https://www.taxtmi.com/caselaws?id=65536 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1 crore, determining that the amount described in the seized document as an "unsecured interest-free loan" could not be treated as income. The Tribunal found no material evidence to contradict this description and held that the presumption under section 292C supported the assessee's case. As a result, the appeal filed by the Revenue was dismissed, affirming that the burden of proof lies with the Revenue to establish that a receipt is taxable income. en-us Thu, 22 Jan 2009 00:00:00 +0530 Tue, 31 Oct 2023 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65536 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1 crore, determining that the amount described in the seized document as an "unsecured interest-free loan" could not be treated as income. The Tribunal found no material evidence to contradict this description and held that the presumption under section 292C supported the assessee's case. As a result, the appeal filed by the Revenue was dismissed, affirming that the burden of proof lies with the Revenue to establish that a receipt is taxable income. Case-Laws Income Tax Thu, 22 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65536