https://www.taxtmi.com/caselaws?id=68825 The Tribunal upheld the Commissioner (Appeals)'s decision to delete the additions of Rs. 2,90,71,929 and Rs. 1,88,05,367, which were based on unexplained deposits and interest, respectively, due to lack of seized material indicating undisclosed income. The Tribunal also supported the set-off of losses against disclosed income, rejecting the assessing officer's estimation-based approach. Additionally, the Tribunal dismissed the revenue's objection regarding the admittance of fresh evidence, as the Commissioner (Appeals) had individually considered each depositor. The revenue's appeal was dismissed, and the assessee's cross-objection was allowed. en-us Fri, 14 Nov 2008 00:00:00 +0530 Thu, 07 Dec 2023 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68825 The Tribunal upheld the Commissioner (Appeals)'s decision to delete the additions of Rs. 2,90,71,929 and Rs. 1,88,05,367, which were based on unexplained deposits and interest, respectively, due to lack of seized material indicating undisclosed income. The Tribunal also supported the set-off of losses against disclosed income, rejecting the assessing officer's estimation-based approach. Additionally, the Tribunal dismissed the revenue's objection regarding the admittance of fresh evidence, as the Commissioner (Appeals) had individually considered each depositor. The revenue's appeal was dismissed, and the assessee's cross-objection was allowed. Case-Laws Income Tax Fri, 14 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68825