https://www.taxtmi.com/caselaws?id=188457 The High Court upheld the Income Tax Appellate Tribunal's decision, dismissing the Revenue's appeal. The Court agreed with the Tribunal that the Revenue's presumption of unaccounted cash payment lacked substantial evidence, criticizing the reliance on suspicion rather than concrete proof. It noted the absence of crucial details in the seized material and emphasized the lack of nexus between the respondent and the cash payment. The Court highlighted the assessing officer's failure to thoroughly investigate the property's actual value and establish the respondent's cash payment, ultimately finding no substantial legal question and dismissing the appeal without costs. en-us Mon, 10 Dec 2012 00:00:00 +0530 Sat, 05 May 2018 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188457 The High Court upheld the Income Tax Appellate Tribunal's decision, dismissing the Revenue's appeal. The Court agreed with the Tribunal that the Revenue's presumption of unaccounted cash payment lacked substantial evidence, criticizing the reliance on suspicion rather than concrete proof. It noted the absence of crucial details in the seized material and emphasized the lack of nexus between the respondent and the cash payment. The Court highlighted the assessing officer's failure to thoroughly investigate the property's actual value and establish the respondent's cash payment, ultimately finding no substantial legal question and dismissing the appeal without costs. Case-Laws Income Tax Mon, 10 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188457