https://www.taxtmi.com/caselaws?id=344134 The High Court ruled in favor of the assessee, setting aside the Tribunal's decision, Commissioner of Income Tax (Appeals), and Assessing Officer's decision. The Court emphasized that authorities cannot inquire into the source of the source of an investment when the assessee has provided a satisfactory explanation regarding the primary source of the funds used for investment. The Tribunal erred in converting the proceedings from Section 68 to Section 69 without proper notice to the assessee, and the adverse inference against the assessee for not disclosing the source of the source was deemed unjustified. en-us Mon, 22 May 2017 00:00:00 +0530 Fri, 09 Jun 2017 05:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344134 The High Court ruled in favor of the assessee, setting aside the Tribunal's decision, Commissioner of Income Tax (Appeals), and Assessing Officer's decision. The Court emphasized that authorities cannot inquire into the source of the source of an investment when the assessee has provided a satisfactory explanation regarding the primary source of the funds used for investment. The Tribunal erred in converting the proceedings from Section 68 to Section 69 without proper notice to the assessee, and the adverse inference against the assessee for not disclosing the source of the source was deemed unjustified. Case-Laws Income Tax Mon, 22 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344134