https://www.taxtmi.com/caselaws?id=309203 The High Court affirmed the Tribunal's decision to delete the addition of the proportionate share of interest treated as undisclosed income for the assessment year 2003-2004. The Court found that the addition was based on hypothetical figures without actual transactions, and relying solely on loose papers found during the search was not sufficient evidence. Additionally, the Court emphasized that the right to cross-examine witnesses was denied, rendering their statements inadmissible. Consequently, the Department's appeal was dismissed, ruling in favor of the assessee and confirming that the addition made on the interest share was not justified. en-us Mon, 18 Jul 2016 00:00:00 +0530 Thu, 17 Aug 2023 07:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309203 The High Court affirmed the Tribunal's decision to delete the addition of the proportionate share of interest treated as undisclosed income for the assessment year 2003-2004. The Court found that the addition was based on hypothetical figures without actual transactions, and relying solely on loose papers found during the search was not sufficient evidence. Additionally, the Court emphasized that the right to cross-examine witnesses was denied, rendering their statements inadmissible. Consequently, the Department's appeal was dismissed, ruling in favor of the assessee and confirming that the addition made on the interest share was not justified. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309203