https://www.taxtmi.com/caselaws?id=26941 The High Court ruled in favor of the assessee, rejecting the addition of Rs. 94,000 by the Income-tax Officer. The Court found that the Tribunal's inference lacked positive evidence and that the negative circumstances relied upon were insufficient to justify the addition. The Court concluded that the assessee's explanation regarding the hypothecation of cotton seeds was reasonable and supported by evidence, including a certificate from the bank. Consequently, the Court answered questions 1, 3, and 4 in favor of the assessee and against the Revenue, with no costs awarded. en-us Fri, 28 Jun 1985 00:00:00 +0530 Tue, 09 Feb 2010 15:26:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26941 The High Court ruled in favor of the assessee, rejecting the addition of Rs. 94,000 by the Income-tax Officer. The Court found that the Tribunal's inference lacked positive evidence and that the negative circumstances relied upon were insufficient to justify the addition. The Court concluded that the assessee's explanation regarding the hypothecation of cotton seeds was reasonable and supported by evidence, including a certificate from the bank. Consequently, the Court answered questions 1, 3, and 4 in favor of the assessee and against the Revenue, with no costs awarded. Case-Laws Income Tax Fri, 28 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26941