https://www.taxtmi.com/caselaws?id=190827 The ITAT Cochin upheld the Ld. CIT(A)'s decision, dismissing the Revenue's appeal. The tribunal found that the society had not conducted any business activities before the search date and relied on loans for land transactions. The loans from the lenders were reflected in their tax returns and accepted by the Assessing Officer, establishing a legitimate source of funds. The tribunal concluded that the investments were adequately explained, supporting the deletion of the undisclosed income addition. en-us Fri, 10 Aug 2012 00:00:00 +0530 Thu, 02 Mar 2017 17:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190827 The ITAT Cochin upheld the Ld. CIT(A)'s decision, dismissing the Revenue's appeal. The tribunal found that the society had not conducted any business activities before the search date and relied on loans for land transactions. The loans from the lenders were reflected in their tax returns and accepted by the Assessing Officer, establishing a legitimate source of funds. The tribunal concluded that the investments were adequately explained, supporting the deletion of the undisclosed income addition. Case-Laws Income Tax Fri, 10 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190827