https://www.taxtmi.com/caselaws?id=28468 The High Court of Madhya Pradesh considered a reference under section 256(1) of the Income-tax Act, 1961, regarding the deletion of an amount of Rs. 27,800 as the income of the assessee from undisclosed sources. The Court upheld the decision to delete the amount, emphasizing that the assessee had provided sufficient evidence linking the disallowed expenses to the alleged cash credits. The Court also ruled that the assessee was entitled to raise alternative explanations, and if accepted, the cash credit cannot be treated as income. The Court's decision favored the assessee, and no costs were awarded in this reference. en-us Mon, 14 Dec 1981 00:00:00 +0530 Mon, 22 Feb 2010 18:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28468 The High Court of Madhya Pradesh considered a reference under section 256(1) of the Income-tax Act, 1961, regarding the deletion of an amount of Rs. 27,800 as the income of the assessee from undisclosed sources. The Court upheld the decision to delete the amount, emphasizing that the assessee had provided sufficient evidence linking the disallowed expenses to the alleged cash credits. The Court also ruled that the assessee was entitled to raise alternative explanations, and if accepted, the cash credit cannot be treated as income. The Court's decision favored the assessee, and no costs were awarded in this reference. Case-Laws Income Tax Mon, 14 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28468