https://www.taxtmi.com/caselaws?id=246099 The Court dismissed the Revenue's appeal, citing the lack of concrete evidence to support the claims made by the income tax authorities. The Court found the inferences drawn by the authorities to be conjectural and lacking material evidence, leading to the rejection of the Revenue's contentions based on statutory presumptions. The judgment emphasized the necessity of substantial proof to support legal presumptions in tax matters, ultimately upholding the ITAT's decision favoring the assessee in a real estate development business case. en-us Thu, 03 Apr 2014 00:00:00 +0530 Wed, 16 Apr 2014 13:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246099 The Court dismissed the Revenue's appeal, citing the lack of concrete evidence to support the claims made by the income tax authorities. The Court found the inferences drawn by the authorities to be conjectural and lacking material evidence, leading to the rejection of the Revenue's contentions based on statutory presumptions. The judgment emphasized the necessity of substantial proof to support legal presumptions in tax matters, ultimately upholding the ITAT's decision favoring the assessee in a real estate development business case. Case-Laws Income Tax Thu, 03 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246099