https://www.taxtmi.com/caselaws?id=251023 The High Court remanded the case to the Tribunal for a fresh decision regarding the legitimacy of invoking section 68 of the Income Tax Act, 1961. The Tribunal's decision to partially sustain the addition of Rs. 43 lacs was challenged by the assessee, arguing that section 68 should not apply as the initial gold purchase was self-funded. The High Court emphasized the importance of a detailed assessment of tax provisions like section 68 to ensure fairness in tax matters, without directly addressing the legal questions raised. en-us Mon, 04 Aug 2014 00:00:00 +0530 Tue, 02 Sep 2014 08:32:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251023 The High Court remanded the case to the Tribunal for a fresh decision regarding the legitimacy of invoking section 68 of the Income Tax Act, 1961. The Tribunal's decision to partially sustain the addition of Rs. 43 lacs was challenged by the assessee, arguing that section 68 should not apply as the initial gold purchase was self-funded. The High Court emphasized the importance of a detailed assessment of tax provisions like section 68 to ensure fairness in tax matters, without directly addressing the legal questions raised. Case-Laws Income Tax Mon, 04 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251023