https://www.taxtmi.com/caselaws?id=330721 The High Court upheld the Tribunal's decision in favor of the assessee, emphasizing the importance of thorough inquiries in tax assessments. The Court found that the Assessing Officer had appropriately examined the transaction, including the involvement of the confirming party, and dismissed the Revenue's appeal. Without evidence on how the proceeds received by the confirming party were taxed, questioning the transaction and seeking additional taxation from the assessee was deemed unwarranted. The judgment stressed the necessity of proper investigations and evidence in tax assessments to avoid unjust taxation. en-us Mon, 25 Jul 2016 00:00:00 +0530 Wed, 30 Aug 2017 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330721 The High Court upheld the Tribunal's decision in favor of the assessee, emphasizing the importance of thorough inquiries in tax assessments. The Court found that the Assessing Officer had appropriately examined the transaction, including the involvement of the confirming party, and dismissed the Revenue's appeal. Without evidence on how the proceeds received by the confirming party were taxed, questioning the transaction and seeking additional taxation from the assessee was deemed unwarranted. The judgment stressed the necessity of proper investigations and evidence in tax assessments to avoid unjust taxation. Case-Laws Income Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330721