https://www.taxtmi.com/caselaws?id=32030 The High Court upheld the additions made under Section 69A of the Income-tax Act, emphasizing the importance of evidence and proper application of legal principles. The Court found the Tribunal's decision to delete the additions as perverse and lacking in evidence. Additionally, the Court reversed the deletion of interest levied under Sections 234B and 234C, stating that the levy of interest is automatic in such cases. The assessee was granted the liberty to seek a waiver of interest, and the Tribunal was directed to pass appropriate consequential orders in accordance with the High Court's findings. en-us Thu, 13 Mar 2008 00:00:00 +0530 Thu, 08 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32030 The High Court upheld the additions made under Section 69A of the Income-tax Act, emphasizing the importance of evidence and proper application of legal principles. The Court found the Tribunal's decision to delete the additions as perverse and lacking in evidence. Additionally, the Court reversed the deletion of interest levied under Sections 234B and 234C, stating that the levy of interest is automatic in such cases. The assessee was granted the liberty to seek a waiver of interest, and the Tribunal was directed to pass appropriate consequential orders in accordance with the High Court's findings. Case-Laws Income Tax Thu, 13 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32030