https://www.taxtmi.com/caselaws?id=392906 The High Court of Calcutta set aside the tribunal's decision regarding unexplained income under the Income Tax Act, 1961, emphasizing the assessee's burden to provide a satisfactory explanation. The tribunal's failure to consider crucial aspects led the Court to remand the matter for fresh determination within four months, granting the tribunal the discretion to remand the case further if needed. The Court criticized the tribunal's speculative approach and stressed the necessity for concrete evidence on the source and utilization of funds to avoid classification as unexplained income. en-us Tue, 04 Feb 2020 00:00:00 +0530 Mon, 02 Mar 2020 12:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392906 The High Court of Calcutta set aside the tribunal's decision regarding unexplained income under the Income Tax Act, 1961, emphasizing the assessee's burden to provide a satisfactory explanation. The tribunal's failure to consider crucial aspects led the Court to remand the matter for fresh determination within four months, granting the tribunal the discretion to remand the case further if needed. The Court criticized the tribunal's speculative approach and stressed the necessity for concrete evidence on the source and utilization of funds to avoid classification as unexplained income. Case-Laws Income Tax Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392906