https://www.taxtmi.com/caselaws?id=151548 The Tribunal upheld the deletion of Rs. 85.22 lakhs, finding the seized diary entries insufficient to establish unexplained loans. The issue of surcharge under section 113 was remanded to the Commissioner of Income-tax (Appeals) for reconsideration in light of a Supreme Court decision. The addition of Rs. 16,43,865 was set aside and remanded to the Assessing Officer for further review, considering potential links to another individual. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's appeal was similarly allowed for statistical purposes. en-us Wed, 31 Mar 2010 00:00:00 +0530 Fri, 29 Dec 2023 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151548 The Tribunal upheld the deletion of Rs. 85.22 lakhs, finding the seized diary entries insufficient to establish unexplained loans. The issue of surcharge under section 113 was remanded to the Commissioner of Income-tax (Appeals) for reconsideration in light of a Supreme Court decision. The addition of Rs. 16,43,865 was set aside and remanded to the Assessing Officer for further review, considering potential links to another individual. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's appeal was similarly allowed for statistical purposes. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151548