https://www.taxtmi.com/caselaws?id=55343 An addition for unexplained investment in travellers cheques was deleted because the revenue failed to establish on cogent material that the assessee, rather than the partnership firm, was the correct person chargeable with the income. The assessee had no independent source of income, the firm's books had been seized, and the authorities did not verify whether the transactions were recorded in the firm's accounts; reliance on a summary search order was insufficient. The reassessment challenge under section 148 failed because the objection was not raised earlier and the assessee did not prove absence of recorded reasons or statutory sanction. en-us Tue, 10 Nov 1998 00:00:00 +0530 Thu, 25 Nov 2010 16:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55343 An addition for unexplained investment in travellers cheques was deleted because the revenue failed to establish on cogent material that the assessee, rather than the partnership firm, was the correct person chargeable with the income. The assessee had no independent source of income, the firm's books had been seized, and the authorities did not verify whether the transactions were recorded in the firm's accounts; reliance on a summary search order was insufficient. The reassessment challenge under section 148 failed because the objection was not raised earlier and the assessee did not prove absence of recorded reasons or statutory sanction. Case-Laws Income Tax Tue, 10 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55343