https://www.taxtmi.com/caselaws?id=35253 The High Court upheld the Tribunal's finding in an appeal under Section 260A of the Income Tax Act, 1961, against the ITAT order. The Court affirmed the Tribunal's decision to accept the assessee's explanation regarding undisclosed income and the source of seized cash. The Court emphasized the importance of providing the assessee with an opportunity to explain the source of the money and highlighted the need for assessing officers to rely on material evidence rather than third-party statements. The appeal was dismissed, confirming the Tribunal's decision. en-us Thu, 05 Nov 2009 00:00:00 +0530 Mon, 08 Feb 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35253 The High Court upheld the Tribunal's finding in an appeal under Section 260A of the Income Tax Act, 1961, against the ITAT order. The Court affirmed the Tribunal's decision to accept the assessee's explanation regarding undisclosed income and the source of seized cash. The Court emphasized the importance of providing the assessee with an opportunity to explain the source of the money and highlighted the need for assessing officers to rely on material evidence rather than third-party statements. The appeal was dismissed, confirming the Tribunal's decision. Case-Laws Income Tax Thu, 05 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35253