https://www.taxtmi.com/caselaws?id=221169 The High Court dismissed the Tax Appeal, upholding the decisions of the lower authorities and rejecting the Revenue's appeal. The Court emphasized that the addition of Rs.6.57 crores based on alleged on-money transactions lacked substantial evidence, as witness statements were unreliable and retracted. Without concrete evidence, the presumption of on-money transactions in real estate was deemed insufficient to support the addition of undisclosed turnover or profit. The Court concluded that the lack of reliable evidence rendered the additions unsustainable, leading to the dismissal of the appeal. en-us Wed, 11 Jan 2012 00:00:00 +0530 Tue, 26 Feb 2013 07:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221169 The High Court dismissed the Tax Appeal, upholding the decisions of the lower authorities and rejecting the Revenue's appeal. The Court emphasized that the addition of Rs.6.57 crores based on alleged on-money transactions lacked substantial evidence, as witness statements were unreliable and retracted. Without concrete evidence, the presumption of on-money transactions in real estate was deemed insufficient to support the addition of undisclosed turnover or profit. The Court concluded that the lack of reliable evidence rendered the additions unsustainable, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221169