https://www.taxtmi.com/caselaws?id=13348 The HC dismissed the Revenue's appeal, affirming the Income-tax Appellate Tribunal's decision in favor of the assessee. The Tribunal found that the addition of undisclosed income based on a seized agreement and cash found during a search was unsupported by evidence and relied on guesswork. The Tribunal ruled that assessments must be based on concrete evidence, not assumptions. Additionally, the HC concluded that no substantial question of law arose under section 260A of the Income-tax Act, reinforcing the Tribunal's decision to delete the added income and cash assessments from the assessee's records. en-us Tue, 13 Feb 2007 00:00:00 +0530 Sat, 03 Feb 2024 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13348 The HC dismissed the Revenue's appeal, affirming the Income-tax Appellate Tribunal's decision in favor of the assessee. The Tribunal found that the addition of undisclosed income based on a seized agreement and cash found during a search was unsupported by evidence and relied on guesswork. The Tribunal ruled that assessments must be based on concrete evidence, not assumptions. Additionally, the HC concluded that no substantial question of law arose under section 260A of the Income-tax Act, reinforcing the Tribunal's decision to delete the added income and cash assessments from the assessee's records. Case-Laws Income Tax Tue, 13 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13348