https://www.taxtmi.com/caselaws?id=387519 The High Court dismissed the Revenue's appeals in a case involving block assessments for the years 1997-98 to 2003-04. The additions made by the Assessing Officer were deemed unjustified as they were based on presumption rather than concrete evidence. The Court emphasized the importance of proper verification and noted that disclosed income cannot be treated as undisclosed. The Assessing Officer's additions on unexplained expenditure and other items were overturned due to lack of evidence. Penalties imposed under Section 158 BFA (2) were also deleted for failure to meet statutory conditions. en-us Wed, 16 Oct 2019 00:00:00 +0530 Thu, 24 Oct 2019 09:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387519 The High Court dismissed the Revenue's appeals in a case involving block assessments for the years 1997-98 to 2003-04. The additions made by the Assessing Officer were deemed unjustified as they were based on presumption rather than concrete evidence. The Court emphasized the importance of proper verification and noted that disclosed income cannot be treated as undisclosed. The Assessing Officer's additions on unexplained expenditure and other items were overturned due to lack of evidence. Penalties imposed under Section 158 BFA (2) were also deleted for failure to meet statutory conditions. Case-Laws Income Tax Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387519