https://www.taxtmi.com/caselaws?id=349444 The High Court dismissed the appeal against the ITAT order for the Assessment Year 2006-07, which involved the addition of Rs. 15,77,59,691 under Section 69B of the Income Tax Act. The court upheld the CIT (A) and ITAT findings, emphasizing the lack of evidence to prove understatement of consideration or excess investments by the Assessee. The decision highlighted the significance of evidence and burden of proof in tax matters, ultimately leading to the rejection of the Revenue's appeal without costs. en-us Mon, 09 Oct 2017 00:00:00 +0530 Fri, 13 Oct 2017 09:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349444 The High Court dismissed the appeal against the ITAT order for the Assessment Year 2006-07, which involved the addition of Rs. 15,77,59,691 under Section 69B of the Income Tax Act. The court upheld the CIT (A) and ITAT findings, emphasizing the lack of evidence to prove understatement of consideration or excess investments by the Assessee. The decision highlighted the significance of evidence and burden of proof in tax matters, ultimately leading to the rejection of the Revenue's appeal without costs. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349444