https://www.taxtmi.com/caselaws?id=201897 The court upheld the Commissioner's invocation of section 263 of the Income Tax Act due to the Assessing Officer's failure to tax additional income. The deletion of Rs. 48 lakhs by the Tribunal was deemed unjust as the retraction of the assessee's statement lacked credibility. The amount was considered undisclosed income. The assessee's claim for deduction of Rs. 48 lakhs as a business loss was denied, as it did not meet the criteria under the Income Tax Act. The judgment favored the Revenue, rejecting the assessee's arguments and supporting the legal reasoning and precedents cited. en-us Fri, 06 Aug 2010 00:00:00 +0530 Thu, 27 Dec 2012 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201897 The court upheld the Commissioner's invocation of section 263 of the Income Tax Act due to the Assessing Officer's failure to tax additional income. The deletion of Rs. 48 lakhs by the Tribunal was deemed unjust as the retraction of the assessee's statement lacked credibility. The amount was considered undisclosed income. The assessee's claim for deduction of Rs. 48 lakhs as a business loss was denied, as it did not meet the criteria under the Income Tax Act. The judgment favored the Revenue, rejecting the assessee's arguments and supporting the legal reasoning and precedents cited. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201897