https://www.taxtmi.com/caselaws?id=104024 The appeals challenged the Assessing Officer's treatment of cash credits as undisclosed income under Chapter XIV-B of the Income-tax Act. The assessees argued that the credits were duly recorded and supported by evidence, thus not qualifying as undisclosed income. The ITAT ruled in favor of the assessees, stating that only undisclosed income detected during a search could be assessed under Chapter XIV-B. As the credits were properly recorded and lacked evidence of non-genuineness during the search, the additions were deleted, allowing the Revenue to assess the credits' genuineness in the regular assessments. en-us Tue, 14 Dec 1999 00:00:00 +0530 Mon, 27 Feb 2012 12:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104024 The appeals challenged the Assessing Officer's treatment of cash credits as undisclosed income under Chapter XIV-B of the Income-tax Act. The assessees argued that the credits were duly recorded and supported by evidence, thus not qualifying as undisclosed income. The ITAT ruled in favor of the assessees, stating that only undisclosed income detected during a search could be assessed under Chapter XIV-B. As the credits were properly recorded and lacked evidence of non-genuineness during the search, the additions were deleted, allowing the Revenue to assess the credits' genuineness in the regular assessments. Case-Laws Income Tax Tue, 14 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104024