https://www.taxtmi.com/caselaws?id=9518 HC dismissed Revenue's claim for tax on alleged undisclosed cash sale proceeds. The court found the seller's inconsistent statements and revised returns suggested after confrontation, but held the burden to prove actual higher consideration lay on the Revenue. The AO failed to make independent inquiries (e.g., valuation officer referral) and did not seize available cash under s.132 when possible; reliance solely on the seller's statements was inadequate. Consequently the assessment under s.158BD could not be sustained and the tax demand was set aside. en-us Wed, 08 Feb 2006 00:00:00 +0530 Fri, 19 Sep 2025 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9518 HC dismissed Revenue's claim for tax on alleged undisclosed cash sale proceeds. The court found the seller's inconsistent statements and revised returns suggested after confrontation, but held the burden to prove actual higher consideration lay on the Revenue. The AO failed to make independent inquiries (e.g., valuation officer referral) and did not seize available cash under s.132 when possible; reliance solely on the seller's statements was inadequate. Consequently the assessment under s.158BD could not be sustained and the tax demand was set aside. Case-Laws Income Tax Wed, 08 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9518