https://www.taxtmi.com/caselaws?id=34063 HC dismissed the revenue's appeal, upholding the Tribunal's deletion of a Rs.10,35,562 addition. The court held the AO failed to establish nexus between bank deposits and alleged undisclosed income, relying on conjecture rather than independent evidence; retracted statements and pay-in slips did not suffice. The sale of diamond jewellery declared under VDIS 1997 was accepted by Sales Tax authorities. Both questions were answered in favour of the assessee and against the revenue, and the appeal was disposed of with no order as to costs. en-us Thu, 02 Jul 2009 00:00:00 +0530 Tue, 11 Nov 2025 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34063 HC dismissed the revenue's appeal, upholding the Tribunal's deletion of a Rs.10,35,562 addition. The court held the AO failed to establish nexus between bank deposits and alleged undisclosed income, relying on conjecture rather than independent evidence; retracted statements and pay-in slips did not suffice. The sale of diamond jewellery declared under VDIS 1997 was accepted by Sales Tax authorities. Both questions were answered in favour of the assessee and against the revenue, and the appeal was disposed of with no order as to costs. Case-Laws Income Tax Thu, 02 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34063