https://www.taxtmi.com/caselaws?id=56419 The Tribunal allowed the assessee's appeal in full and dismissed the Revenue's appeal, providing relief to the assessee on all contested grounds. The additions of unexplained cash amounting to Rs. 89,428 and unexplained cost of diamonds worth Rs. 1,80,000 were deemed unjustified due to the nature of the Angadia business, where the assessee acted as a custodian, not the owner. The Tribunal also rejected the alleged unexplained unaccounted business activity, finding the AO's inference lacking corroborative evidence and reducing the estimated additional income. en-us Thu, 26 Dec 1996 00:00:00 +0530 Fri, 03 Dec 2010 15:31:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56419 The Tribunal allowed the assessee's appeal in full and dismissed the Revenue's appeal, providing relief to the assessee on all contested grounds. The additions of unexplained cash amounting to Rs. 89,428 and unexplained cost of diamonds worth Rs. 1,80,000 were deemed unjustified due to the nature of the Angadia business, where the assessee acted as a custodian, not the owner. The Tribunal also rejected the alleged unexplained unaccounted business activity, finding the AO's inference lacking corroborative evidence and reducing the estimated additional income. Case-Laws Income Tax Thu, 26 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56419