https://www.taxtmi.com/caselaws?id=467299 Transaction characterization was determined by substance over form: a purchase and sale of immovable property was held capital in nature and subject to deemed valuation principles producing short term capital gain, not allowable as a bad debt. Where the assessee failed to produce books, vouchers and offered contradictory statements, the Assessing Officer's disallowance of purchases and indirect expenses and best judgment assessment were sustained. Cash bank deposits were treated as unexplained income when the assessee did not furnish complete cash book or supporting evidence. All additions and findings were upheld for lack of assistance or evidence from the assessee. en-us Fri, 21 Feb 2025 00:00:00 +0530 Fri, 13 Mar 2026 18:58:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467299 Transaction characterization was determined by substance over form: a purchase and sale of immovable property was held capital in nature and subject to deemed valuation principles producing short term capital gain, not allowable as a bad debt. Where the assessee failed to produce books, vouchers and offered contradictory statements, the Assessing Officer's disallowance of purchases and indirect expenses and best judgment assessment were sustained. Cash bank deposits were treated as unexplained income when the assessee did not furnish complete cash book or supporting evidence. All additions and findings were upheld for lack of assistance or evidence from the assessee. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467299