https://www.taxtmi.com/caselaws?id=49388 The Supreme Court dismissed the Commissioner of Income-tax's appeal, upholding the Tribunal's decision to exclude a specific deposit from a firm's assessable income under the Indian Income-tax Act, 1922. The Court emphasized the need for concrete evidence over mere suspicion in tax matters, affirming that findings of fact by the Tribunal are final unless unsupported by evidence or perverse. The judgment highlighted the principles guiding references under section 66 of the Act and underscored the importance of evidence in establishing tax liabilities. The Court's decision upheld the Tribunal's exclusion of the deposit, with costs awarded against the Commissioner. en-us Thu, 26 Mar 1964 00:00:00 +0530 Sun, 24 Aug 2014 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49388 The Supreme Court dismissed the Commissioner of Income-tax's appeal, upholding the Tribunal's decision to exclude a specific deposit from a firm's assessable income under the Indian Income-tax Act, 1922. The Court emphasized the need for concrete evidence over mere suspicion in tax matters, affirming that findings of fact by the Tribunal are final unless unsupported by evidence or perverse. The judgment highlighted the principles guiding references under section 66 of the Act and underscored the importance of evidence in establishing tax liabilities. The Court's decision upheld the Tribunal's exclusion of the deposit, with costs awarded against the Commissioner. Case-Laws Income Tax Thu, 26 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49388