https://www.taxtmi.com/caselaws?id=330502 The High Court allowed the appeal against the Income Tax Appellate Tribunal's decision under section 263 of the Income Tax Act, 1961. The Court emphasized the Assessing Officer's failure to conduct necessary enquiries and accepted the respondent's explanations. It was determined that the surrendered amount should be considered as business income, requiring the assessee to establish the source of surrendered income. The Court dismissed the appeal related to one question and ruled in favor of the appellant on another, affirming the need for the assessee to prove the source of surrendered income. en-us Thu, 21 Jul 2016 00:00:00 +0530 Wed, 27 Jul 2016 12:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330502 The High Court allowed the appeal against the Income Tax Appellate Tribunal's decision under section 263 of the Income Tax Act, 1961. The Court emphasized the Assessing Officer's failure to conduct necessary enquiries and accepted the respondent's explanations. It was determined that the surrendered amount should be considered as business income, requiring the assessee to establish the source of surrendered income. The Court dismissed the appeal related to one question and ruled in favor of the appellant on another, affirming the need for the assessee to prove the source of surrendered income. Case-Laws Income Tax Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330502