https://www.taxtmi.com/caselaws?id=75694 The High Court upheld the Tribunal's decision to dismiss the appeal challenging the disallowance of loss on the sale of a car under section 158BB(1) of the Income-tax Act, 1961. The Court found that the addition was not covered under the definition of undisclosed income as there was no evidence to show the car was sold at a higher price. Additionally, the Court upheld the Tribunal's deletion of losses on the devaluation of stock of shares, as the Assessing Officer failed to provide sufficient material to justify the additions, concluding that the lower stock valuation rates adopted by the assessee did not indicate tax evasion. en-us Thu, 10 Sep 2009 00:00:00 +0530 Thu, 06 May 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75694 The High Court upheld the Tribunal's decision to dismiss the appeal challenging the disallowance of loss on the sale of a car under section 158BB(1) of the Income-tax Act, 1961. The Court found that the addition was not covered under the definition of undisclosed income as there was no evidence to show the car was sold at a higher price. Additionally, the Court upheld the Tribunal's deletion of losses on the devaluation of stock of shares, as the Assessing Officer failed to provide sufficient material to justify the additions, concluding that the lower stock valuation rates adopted by the assessee did not indicate tax evasion. Case-Laws Income Tax Thu, 10 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75694