https://www.taxtmi.com/caselaws?id=260921 The Tribunal upheld the decision of the Ld. CIT(A) in dismissing the Revenue's appeal. It emphasized that the Revenue failed to prove understatement of consideration or purchase price, citing the burden of proof on the Revenue to establish discrepancies. The Tribunal reiterated that taxation cannot be based on assumptions and highlighted the importance of documentary evidence in tax assessments. en-us Tue, 17 Feb 2015 00:00:00 +0530 Tue, 03 Mar 2015 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260921 The Tribunal upheld the decision of the Ld. CIT(A) in dismissing the Revenue's appeal. It emphasized that the Revenue failed to prove understatement of consideration or purchase price, citing the burden of proof on the Revenue to establish discrepancies. The Tribunal reiterated that taxation cannot be based on assumptions and highlighted the importance of documentary evidence in tax assessments. Case-Laws Income Tax Tue, 17 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260921