https://www.taxtmi.com/caselaws?id=65681 The High Court upheld the re-assessment adding Rs. 70,000 as income from undisclosed sources to a registered firm's total income. The Appellate Authority confirmed the re-assessment due to lack of evidence on the creditors' financial capacity. However, the Tribunal found the assessee's evidence satisfactory, identifying the creditors and proving the transactions through documents. The addition of Rs. 70,000 was deemed unjustified, and the re-assessment was canceled, restoring the original assessment and allowing interest paid on the loans. The appeal was allowed in favor of the assessee, with the Tribunal ruling to delete the added amount and amend the partners' assessment accordingly. en-us Thu, 15 Dec 1977 00:00:00 +0530 Fri, 18 Feb 2011 13:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65681 The High Court upheld the re-assessment adding Rs. 70,000 as income from undisclosed sources to a registered firm's total income. The Appellate Authority confirmed the re-assessment due to lack of evidence on the creditors' financial capacity. However, the Tribunal found the assessee's evidence satisfactory, identifying the creditors and proving the transactions through documents. The addition of Rs. 70,000 was deemed unjustified, and the re-assessment was canceled, restoring the original assessment and allowing interest paid on the loans. The appeal was allowed in favor of the assessee, with the Tribunal ruling to delete the added amount and amend the partners' assessment accordingly. Case-Laws Income Tax Thu, 15 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65681