https://www.taxtmi.com/caselaws?id=25648 The High Court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference. The Tribunal's decision to allow the set-off of a fictitious loss against unexplained cash credits was deemed lacking merit, as the books of the assessee were considered unreliable. The judgment emphasized the need to assess unexplained cash credits independently without presuming a connection with other additions or losses, in line with legal precedents from the Supreme Court and various High Courts. en-us Tue, 13 Jan 1987 00:00:00 +0530 Sat, 30 Jan 2010 10:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25648 The High Court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference. The Tribunal's decision to allow the set-off of a fictitious loss against unexplained cash credits was deemed lacking merit, as the books of the assessee were considered unreliable. The judgment emphasized the need to assess unexplained cash credits independently without presuming a connection with other additions or losses, in line with legal precedents from the Supreme Court and various High Courts. Case-Laws Income Tax Tue, 13 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25648