https://www.taxtmi.com/caselaws?id=9615 The High Court ruled in favor of the assessee on the first issue, holding that the Tribunal was not justified in upholding the addition of Rs. 2,95,002 as income in the assessee's hands. The Court found the Tribunal's decision to be perverse and answered in favor of the assessee against the Revenue. On the second issue of the addition of Rs. 1,05,625 on account of unexplained loan credit, the High Court set aside the Tribunal's decision and remanded the matter back to the Assessing Officer for fresh consideration, criticizing the Revenue for not properly assessing the genuineness and creditworthiness of the creditor. en-us Tue, 22 Feb 2005 00:00:00 +0530 Sun, 28 Jun 2009 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9615 The High Court ruled in favor of the assessee on the first issue, holding that the Tribunal was not justified in upholding the addition of Rs. 2,95,002 as income in the assessee's hands. The Court found the Tribunal's decision to be perverse and answered in favor of the assessee against the Revenue. On the second issue of the addition of Rs. 1,05,625 on account of unexplained loan credit, the High Court set aside the Tribunal's decision and remanded the matter back to the Assessing Officer for fresh consideration, criticizing the Revenue for not properly assessing the genuineness and creditworthiness of the creditor. Case-Laws Income Tax Tue, 22 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9615