https://www.taxtmi.com/caselaws?id=60676 The Tribunal partially allowed the appeal, deleting the addition of Rs. 31,50,000. It held that the sale-cum-lease-back transactions of gas cylinders were genuine, and the disallowance of lease rentals was not justified under the block assessment. The Tribunal found that the search operations were legal and rejected the claim of deferred search for collateral purposes. The majority decision supported the deletion of the lease rental payments, emphasizing the transactions' bona fide nature and lack of new evidence to substantiate undisclosed income claims. en-us Tue, 20 Nov 2001 00:00:00 +0530 Fri, 07 Jan 2011 15:34:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60676 The Tribunal partially allowed the appeal, deleting the addition of Rs. 31,50,000. It held that the sale-cum-lease-back transactions of gas cylinders were genuine, and the disallowance of lease rentals was not justified under the block assessment. The Tribunal found that the search operations were legal and rejected the claim of deferred search for collateral purposes. The majority decision supported the deletion of the lease rental payments, emphasizing the transactions' bona fide nature and lack of new evidence to substantiate undisclosed income claims. Case-Laws Income Tax Tue, 20 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60676