https://www.taxtmi.com/caselaws?id=17540 The High Court overturned the Tribunal's decision to treat the entire sale proceeds as income due to undisclosed purchases, ruling in favor of the Revenue. The Court emphasized the necessity of income preceding expenditure and deemed the Tribunal's reasoning erroneous and unsustainable. The judgment was forwarded to the Income-tax Appellate Tribunal, Cochin Bench, for further proceedings. en-us Fri, 25 Oct 1996 00:00:00 +0530 Wed, 23 Sep 2009 11:56:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17540 The High Court overturned the Tribunal's decision to treat the entire sale proceeds as income due to undisclosed purchases, ruling in favor of the Revenue. The Court emphasized the necessity of income preceding expenditure and deemed the Tribunal's reasoning erroneous and unsustainable. The judgment was forwarded to the Income-tax Appellate Tribunal, Cochin Bench, for further proceedings. Case-Laws Income Tax Fri, 25 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17540