https://www.taxtmi.com/caselaws?id=256635 The court allowed the condonation of a delay in refiling the appeal and proceeded to dismiss the appeals challenging the Income Tax Appellate Tribunal's order. The court upheld the reassessment of undisclosed income related to a property transaction, emphasizing the evidentiary value of vendors' statements admitting a higher sale consideration. It held that the revenue had met its burden of proof with clear evidence, shifting the burden to the appellant who failed to rebut the presumption. The court relied on vendors' consistent statements to determine the true market value of the transaction, ultimately dismissing the appeals for lack of merit. en-us Tue, 20 Jan 2015 00:00:00 +0530 Tue, 17 Feb 2015 22:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256635 The court allowed the condonation of a delay in refiling the appeal and proceeded to dismiss the appeals challenging the Income Tax Appellate Tribunal's order. The court upheld the reassessment of undisclosed income related to a property transaction, emphasizing the evidentiary value of vendors' statements admitting a higher sale consideration. It held that the revenue had met its burden of proof with clear evidence, shifting the burden to the appellant who failed to rebut the presumption. The court relied on vendors' consistent statements to determine the true market value of the transaction, ultimately dismissing the appeals for lack of merit. Case-Laws Income Tax Tue, 20 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256635