https://www.taxtmi.com/caselaws?id=236412 The Allahabad HC ruled in favor of the assessee regarding undervaluation of property registration. The assessee sold agricultural land, complained to registering authority about undervaluation, deposited entire sale consideration in bank, and voluntarily filed return. The AO added the amount as undisclosed income under section 68 without reasonable basis. The court found the AO acted without bonafide, ignored substantial evidence including witness depositions and bank manager testimony, and provided no reasons for disbelieving evidence. The assessment was based solely on AO's ipse dixit, suggesting ulterior motive. Revenue's appeal was dismissed. en-us Fri, 26 Jul 2013 00:00:00 +0530 Sat, 17 May 2025 10:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236412 The Allahabad HC ruled in favor of the assessee regarding undervaluation of property registration. The assessee sold agricultural land, complained to registering authority about undervaluation, deposited entire sale consideration in bank, and voluntarily filed return. The AO added the amount as undisclosed income under section 68 without reasonable basis. The court found the AO acted without bonafide, ignored substantial evidence including witness depositions and bank manager testimony, and provided no reasons for disbelieving evidence. The assessment was based solely on AO's ipse dixit, suggesting ulterior motive. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236412