https://www.taxtmi.com/caselaws?id=239497 The court partially allowed the assessee's appeal for statistical purposes. The assessment of share application money as unexplained income under Section 68 was remanded for further consideration due to the denial of an opportunity to present the case fully. However, the treatment of the assessee's loss as a speculation loss under Explanation to Section 73 and the levy of interest under Section 234(B) were upheld, emphasizing the mandatory nature of interest levy and the importance of providing the assessee with a chance to contest the evidence relied upon by the Revenue. en-us Wed, 06 Nov 2013 00:00:00 +0530 Fri, 15 Nov 2013 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239497 The court partially allowed the assessee's appeal for statistical purposes. The assessment of share application money as unexplained income under Section 68 was remanded for further consideration due to the denial of an opportunity to present the case fully. However, the treatment of the assessee's loss as a speculation loss under Explanation to Section 73 and the levy of interest under Section 234(B) were upheld, emphasizing the mandatory nature of interest levy and the importance of providing the assessee with a chance to contest the evidence relied upon by the Revenue. Case-Laws Income Tax Wed, 06 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239497