https://www.taxtmi.com/caselaws?id=77561 The Court upheld the assessment of Rs. 65 lakhs received by the assessee from a firm for the purchase and sale of a theatre building with land, based on convincing evidence provided by the firm's managing partner and other partners. However, the Court ruled in favor of the assessee regarding the disallowed claim for a foreign gift of Rs. 2 lakhs, accepting evidence that it was indeed a foreign gift and not part of the assessee's income. The judgment favored the Revenue on the assessment of Rs. 65 lakhs but favored the assessee on the foreign gift issue, directing further action by the Income-tax Appellate Tribunal. en-us Mon, 14 Dec 2009 00:00:00 +0530 Wed, 07 Sep 2011 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77561 The Court upheld the assessment of Rs. 65 lakhs received by the assessee from a firm for the purchase and sale of a theatre building with land, based on convincing evidence provided by the firm's managing partner and other partners. However, the Court ruled in favor of the assessee regarding the disallowed claim for a foreign gift of Rs. 2 lakhs, accepting evidence that it was indeed a foreign gift and not part of the assessee's income. The judgment favored the Revenue on the assessment of Rs. 65 lakhs but favored the assessee on the foreign gift issue, directing further action by the Income-tax Appellate Tribunal. Case-Laws Income Tax Mon, 14 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77561