https://www.taxtmi.com/caselaws?id=206021 The Court upheld the reopening of assessments for the appellant's returns due to admitted discrepancies in valuation. The appellant's claimed expenditures were partially accepted, leading to reduced additions in income. However, the Court found the appellant's explanations lacking evidence and rejected the appeals, ruling in favor of the revenue authorities. The Court emphasized that the investments made in the preceding year could be added to the appellant's income for the assessment year, dismissing the appellant's arguments as an attempt to cover inconsistencies. en-us Fri, 20 May 2011 00:00:00 +0530 Wed, 05 Oct 2011 07:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206021 The Court upheld the reopening of assessments for the appellant's returns due to admitted discrepancies in valuation. The appellant's claimed expenditures were partially accepted, leading to reduced additions in income. However, the Court found the appellant's explanations lacking evidence and rejected the appeals, ruling in favor of the revenue authorities. The Court emphasized that the investments made in the preceding year could be added to the appellant's income for the assessment year, dismissing the appellant's arguments as an attempt to cover inconsistencies. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206021