https://www.taxtmi.com/caselaws?id=70602 The Appellate Tribunal ITAT MADRAS-D ruled in favor of the assessee in a case involving the reassessment of the value of gold bars seized as income from undisclosed sources. The Tribunal found that the Revenue failed to prove the existence of any additional gold beyond the seized amount, undermining the justification for reassessment. It was emphasized that without evidence of the assessee acquiring gold in the previous year, there was no basis for reassessment under s. 147. As a result, the Tribunal annulled the assessment, highlighting the importance of establishing foundational facts before initiating reassessment proceedings. en-us Tue, 10 Jul 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:13:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70602 The Appellate Tribunal ITAT MADRAS-D ruled in favor of the assessee in a case involving the reassessment of the value of gold bars seized as income from undisclosed sources. The Tribunal found that the Revenue failed to prove the existence of any additional gold beyond the seized amount, undermining the justification for reassessment. It was emphasized that without evidence of the assessee acquiring gold in the previous year, there was no basis for reassessment under s. 147. As a result, the Tribunal annulled the assessment, highlighting the importance of establishing foundational facts before initiating reassessment proceedings. Case-Laws Income Tax Tue, 10 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70602