https://www.taxtmi.com/caselaws?id=1708 The High Court ruled in favor of the assessee, holding that the deposits in question should not be treated as undisclosed income. The Court emphasized that the deposits were properly recorded before the search, indicating no intention to conceal income. Additionally, the transactions in the bank accounts were found not to be subject to block assessment proceedings. Consequently, the Court concluded that the deposits did not qualify as undisclosed income, ultimately deciding against the Revenue and in favor of the assessee. en-us Fri, 29 Jun 2007 00:00:00 +0530 Sun, 08 May 2011 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1708 The High Court ruled in favor of the assessee, holding that the deposits in question should not be treated as undisclosed income. The Court emphasized that the deposits were properly recorded before the search, indicating no intention to conceal income. Additionally, the transactions in the bank accounts were found not to be subject to block assessment proceedings. Consequently, the Court concluded that the deposits did not qualify as undisclosed income, ultimately deciding against the Revenue and in favor of the assessee. Case-Laws Income Tax Fri, 29 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1708