https://www.taxtmi.com/caselaws?id=59244 The Appellate Tribunal allowed the appeal by a registered firm, overturning the additions made by the Income Tax Officer (ITO) and the Appellate Assistant Commissioner (AAC). The Tribunal found discrepancies in the evidence from a raid, indicating a reciprocal transaction that cast doubt on the legitimacy of adding Rs. 50,000 as income under s. 69 of the IT Act. Consequently, the Tribunal deleted both the principal amount and estimated interest, concluding that the additions were unjustified. The Tribunal did not address the validity of the proceedings under s. 147(a) as a result. en-us Tue, 19 Dec 1978 00:00:00 +0530 Mon, 27 Dec 2010 13:58:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59244 The Appellate Tribunal allowed the appeal by a registered firm, overturning the additions made by the Income Tax Officer (ITO) and the Appellate Assistant Commissioner (AAC). The Tribunal found discrepancies in the evidence from a raid, indicating a reciprocal transaction that cast doubt on the legitimacy of adding Rs. 50,000 as income under s. 69 of the IT Act. Consequently, the Tribunal deleted both the principal amount and estimated interest, concluding that the additions were unjustified. The Tribunal did not address the validity of the proceedings under s. 147(a) as a result. Case-Laws Income Tax Tue, 19 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59244