https://www.taxtmi.com/caselaws?id=27987 The High Court overturned the Tribunal's decision that relied on voluntary disclosures as conclusive evidence under the Income-tax Act, 1961. It emphasized the importance of factual considerations in determining ownership of deposits, stating that the Tribunal should have considered the Assistant Commissioner's findings. The Court directed the Tribunal to reassess the treatment of the deposits and allowed interest deductions based on clarified legal interpretation, noting that the voluntary disclosures were not conclusive evidence. Each party was responsible for their costs. en-us Tue, 22 May 1984 00:00:00 +0530 Wed, 17 Feb 2010 12:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27987 The High Court overturned the Tribunal's decision that relied on voluntary disclosures as conclusive evidence under the Income-tax Act, 1961. It emphasized the importance of factual considerations in determining ownership of deposits, stating that the Tribunal should have considered the Assistant Commissioner's findings. The Court directed the Tribunal to reassess the treatment of the deposits and allowed interest deductions based on clarified legal interpretation, noting that the voluntary disclosures were not conclusive evidence. Each party was responsible for their costs. Case-Laws Income Tax Tue, 22 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27987