https://www.taxtmi.com/caselaws?id=466529 Addition based on alleged excess investment in property was rejected because there was no allegation or evidence of payment above actual purchase price, so the appellate deletion stands. Revenue's attempt to apportion purportedly suppressed sales from seized material was dismissed since the material did not establish amounts received in the relevant year, making extrapolation impermissible. A disallowance for expenditure relating to exempt income was held inapplicable where no exempt income was derived; a later statutory amendment permitting such disallowance from 01.04.2022 was held non retrospective and therefore irrelevant to the assessment year under consideration. en-us Thu, 27 Feb 2025 00:00:00 +0530 Wed, 11 Feb 2026 14:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466529 Addition based on alleged excess investment in property was rejected because there was no allegation or evidence of payment above actual purchase price, so the appellate deletion stands. Revenue's attempt to apportion purportedly suppressed sales from seized material was dismissed since the material did not establish amounts received in the relevant year, making extrapolation impermissible. A disallowance for expenditure relating to exempt income was held inapplicable where no exempt income was derived; a later statutory amendment permitting such disallowance from 01.04.2022 was held non retrospective and therefore irrelevant to the assessment year under consideration. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466529