https://www.taxtmi.com/caselaws?id=49449 The Supreme Court upheld the High Court's decision regarding the assessment of income-tax and business profits tax based on inflated wages and salaries by an assessee-company for the year 1949-50. The Court found substantial evidence supporting the inflation of wages, despite the company's explanations. The appeal was dismissed, and costs were awarded to the respondent, emphasizing that the non-acceptance of explanations did not invalidate the inflation finding, as it was based on available evidence. The Court also noted that the company had sufficient opportunities to present evidence during the proceedings. en-us Wed, 19 Oct 1960 00:00:00 +0530 Mon, 01 Sep 2014 21:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49449 The Supreme Court upheld the High Court's decision regarding the assessment of income-tax and business profits tax based on inflated wages and salaries by an assessee-company for the year 1949-50. The Court found substantial evidence supporting the inflation of wages, despite the company's explanations. The appeal was dismissed, and costs were awarded to the respondent, emphasizing that the non-acceptance of explanations did not invalidate the inflation finding, as it was based on available evidence. The Court also noted that the company had sufficient opportunities to present evidence during the proceedings. Case-Laws Income Tax Wed, 19 Oct 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49449