https://www.taxtmi.com/caselaws?id=175844 The High Court allowed the appeal under Section 260-A of the Income Tax Act, setting aside the Tribunal's order that treated income from diamond sales as unexplained investment. The Court emphasized the importance of proving the origin of goods sold to avoid classification as unexplained investment under Section 69 of the Act. It highlighted the need for consistency in declaring goods to prevent disputes over transactions and tax liabilities. The matter was remitted for fresh consideration by the Income Tax Officer. en-us Tue, 23 Sep 2008 00:00:00 +0530 Mon, 07 Dec 2015 11:41:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175844 The High Court allowed the appeal under Section 260-A of the Income Tax Act, setting aside the Tribunal's order that treated income from diamond sales as unexplained investment. The Court emphasized the importance of proving the origin of goods sold to avoid classification as unexplained investment under Section 69 of the Act. It highlighted the need for consistency in declaring goods to prevent disputes over transactions and tax liabilities. The matter was remitted for fresh consideration by the Income Tax Officer. Case-Laws Income Tax Tue, 23 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175844