https://www.taxtmi.com/caselaws?id=337931 The appeal challenging the deletion of amounts under Section 68 of the Income Tax Act, 1961, was dismissed by the High Court. The Income Tax Appellate Tribunal (ITAT) had ruled in favor of the assessee, overturning the additions of &8377; 50 lacs and &8377; 47.02 lacs based on search and seizure proceedings. The ITAT found the evidentiary value of seized material inconclusive, emphasizing the need for further inquiries. The High Court upheld the ITAT's factual findings, noting no manifest perversity, and declined to interfere, resulting in the dismissal of the appeal with no substantial question of law arising. en-us Fri, 06 Jan 2017 00:00:00 +0530 Fri, 20 Jan 2017 07:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337931 The appeal challenging the deletion of amounts under Section 68 of the Income Tax Act, 1961, was dismissed by the High Court. The Income Tax Appellate Tribunal (ITAT) had ruled in favor of the assessee, overturning the additions of &8377; 50 lacs and &8377; 47.02 lacs based on search and seizure proceedings. The ITAT found the evidentiary value of seized material inconclusive, emphasizing the need for further inquiries. The High Court upheld the ITAT's factual findings, noting no manifest perversity, and declined to interfere, resulting in the dismissal of the appeal with no substantial question of law arising. Case-Laws Income Tax Fri, 06 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337931