https://www.taxtmi.com/caselaws?id=212372 The High Court of Kerala dismissed the Income Tax Appeals concerning revised assessments under Section 147 for the years 1989-90 to 1992-1993. The issue centered on cash credits and unexplained investments in deposits held by the respondent. Sister concerns of the respondent acknowledged interest income on these deposits as undisclosed income. The Tribunal and High Court held that since the sister concerns were assessed on the interest income, the deposits could not be treated as unexplained cash credits. Therefore, the appeals were allowed, and the High Court upheld the Tribunal's decision, dismissing the Income Tax Appeals. en-us Thu, 02 Jun 2011 00:00:00 +0530 Sat, 14 Apr 2012 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212372 The High Court of Kerala dismissed the Income Tax Appeals concerning revised assessments under Section 147 for the years 1989-90 to 1992-1993. The issue centered on cash credits and unexplained investments in deposits held by the respondent. Sister concerns of the respondent acknowledged interest income on these deposits as undisclosed income. The Tribunal and High Court held that since the sister concerns were assessed on the interest income, the deposits could not be treated as unexplained cash credits. Therefore, the appeals were allowed, and the High Court upheld the Tribunal's decision, dismissing the Income Tax Appeals. Case-Laws Income Tax Thu, 02 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212372