https://www.taxtmi.com/caselaws?id=69733 The Appellate Tribunal ITAT MADRAS-B partially allowed the appeal of an individual bus operator regarding the assessment of income from undisclosed sources related to the purchase of a bus for the assessment year 1974-75. Despite discrepancies in explanations, the Tribunal considered the operational needs of the bus business, leading to a reduction in additional income from Rs. 1 lakh to Rs. 50,000. The judgment focused on evaluating the adequacy of funds available for the bus purchase, emphasizing the importance of assessing cash reserves for business continuity and working expenses in determining undisclosed income. en-us Mon, 30 Apr 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69733 The Appellate Tribunal ITAT MADRAS-B partially allowed the appeal of an individual bus operator regarding the assessment of income from undisclosed sources related to the purchase of a bus for the assessment year 1974-75. Despite discrepancies in explanations, the Tribunal considered the operational needs of the bus business, leading to a reduction in additional income from Rs. 1 lakh to Rs. 50,000. The judgment focused on evaluating the adequacy of funds available for the bus purchase, emphasizing the importance of assessing cash reserves for business continuity and working expenses in determining undisclosed income. Case-Laws Income Tax Mon, 30 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69733