https://www.taxtmi.com/caselaws?id=438473 The court found in favor of the appellant in an appeal under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal. The court held that the Commissioner of Income Tax (Appeals) erred in disregarding the remand report provided by the Assessing Officer, which highlighted crucial aspects related to stock valuation and inspection by the bank. Additionally, the court ruled that the revenue authority failed to prove undisclosed income with concrete evidence, leading to an erroneous addition based on inadequate assessment of stock valuation. Consequently, the court allowed the appeal and set aside the assessment orders in favor of the appellant. en-us Fri, 17 Feb 2023 00:00:00 +0530 Wed, 31 May 2023 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438473 The court found in favor of the appellant in an appeal under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal. The court held that the Commissioner of Income Tax (Appeals) erred in disregarding the remand report provided by the Assessing Officer, which highlighted crucial aspects related to stock valuation and inspection by the bank. Additionally, the court ruled that the revenue authority failed to prove undisclosed income with concrete evidence, leading to an erroneous addition based on inadequate assessment of stock valuation. Consequently, the court allowed the appeal and set aside the assessment orders in favor of the appellant. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438473