https://www.taxtmi.com/caselaws?id=3190 The High Court dismissed the Revenue's appeal, upholding the lower authorities' findings that the amount received from the sale of jewellery to family members could not be taxed under Section 68 of the Income Tax Act, 1961. The court found no evidence supporting the claim that the transaction was sham, as the Assessing Officer did not dispute the sale consideration and failed to provide additional evidence. The decision was in line with the Supreme Court's ruling in a similar case, affirming that the transaction was genuine and not subject to taxation under Section 68. en-us Tue, 05 Jun 2007 00:00:00 +0530 Tue, 29 Jul 2008 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3190 The High Court dismissed the Revenue's appeal, upholding the lower authorities' findings that the amount received from the sale of jewellery to family members could not be taxed under Section 68 of the Income Tax Act, 1961. The court found no evidence supporting the claim that the transaction was sham, as the Assessing Officer did not dispute the sale consideration and failed to provide additional evidence. The decision was in line with the Supreme Court's ruling in a similar case, affirming that the transaction was genuine and not subject to taxation under Section 68. Case-Laws Income Tax Tue, 05 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3190