https://www.taxtmi.com/caselaws?id=23483 The High Court found in favor of the Revenue, ruling that the Tribunal's reliance on irrelevant or partly irrelevant materials and its unreasonable and perverse findings were unjustified. The Court highlighted discrepancies in the transactions, the untraceable broker, irregular ledger entries, and suspicious business practices. Despite the Tribunal's dismissal of these concerns, the High Court emphasized the substantial evidence indicating the transactions' spurious nature. The decision favored the Revenue, with no costs awarded. en-us Mon, 12 Sep 1988 00:00:00 +0530 Sat, 19 Dec 2009 15:42:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23483 The High Court found in favor of the Revenue, ruling that the Tribunal's reliance on irrelevant or partly irrelevant materials and its unreasonable and perverse findings were unjustified. The Court highlighted discrepancies in the transactions, the untraceable broker, irregular ledger entries, and suspicious business practices. Despite the Tribunal's dismissal of these concerns, the High Court emphasized the substantial evidence indicating the transactions' spurious nature. The decision favored the Revenue, with no costs awarded. Case-Laws Income Tax Mon, 12 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23483