https://www.taxtmi.com/caselaws?id=278326 The High Court upheld the Tribunal's decision in favor of the assessee, ruling against the addition of Rs. 32.56 crores made by the Assessing Officer during the assessment year. The court found that the evidence presented, including loose documents and comparisons with other properties, lacked reliability and specificity. The Tribunal's decision was based on the lack of substantial evidence to support the Assessing Officer's conclusion that on-money had been received in property sales, ultimately leading to the dismissal of the tax appeals. en-us Mon, 09 Apr 2018 00:00:00 +0530 Fri, 25 Jan 2019 08:01:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278326 The High Court upheld the Tribunal's decision in favor of the assessee, ruling against the addition of Rs. 32.56 crores made by the Assessing Officer during the assessment year. The court found that the evidence presented, including loose documents and comparisons with other properties, lacked reliability and specificity. The Tribunal's decision was based on the lack of substantial evidence to support the Assessing Officer's conclusion that on-money had been received in property sales, ultimately leading to the dismissal of the tax appeals. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278326