https://www.taxtmi.com/caselaws?id=234506 The ITAT Mumbai partly allowed the assessee's appeal, directing further verification on the treatment of shares and transfer confirmation with the Registrar of Companies. The case involved additions by the AO of income from undisclosed sources and unexplained expenditure, upheld by the CIT(A) as colorable transactions. The ITAT emphasized the need for verifying crucial facts before taxing the assessee's income, leading to the partial allowance of the appeal. en-us Wed, 05 Jun 2013 00:00:00 +0530 Fri, 07 Jun 2013 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234506 The ITAT Mumbai partly allowed the assessee's appeal, directing further verification on the treatment of shares and transfer confirmation with the Registrar of Companies. The case involved additions by the AO of income from undisclosed sources and unexplained expenditure, upheld by the CIT(A) as colorable transactions. The ITAT emphasized the need for verifying crucial facts before taxing the assessee's income, leading to the partial allowance of the appeal. Case-Laws Income Tax Wed, 05 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234506