https://www.taxtmi.com/caselaws?id=60873 The CIT (Appeals) accepted the assessee's argument to telescope the disallowed labor expenses against the surrendered cash credit, considering it as income from undisclosed sources. However, the Tribunal disagreed, noting the cash credit preceded the expenses, and upheld the Assessing Officer's decision to disallow Rs. 35,000. The Tribunal emphasized the lack of evidence for excessive expenses and distinguished the case from precedents involving intangible additions preceding cash credits. The appeal was allowed in favor of the Revenue, restoring the disallowance of labor expenses. en-us Thu, 25 Feb 1993 00:00:00 +0530 Sat, 08 Jan 2011 13:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60873 The CIT (Appeals) accepted the assessee's argument to telescope the disallowed labor expenses against the surrendered cash credit, considering it as income from undisclosed sources. However, the Tribunal disagreed, noting the cash credit preceded the expenses, and upheld the Assessing Officer's decision to disallow Rs. 35,000. The Tribunal emphasized the lack of evidence for excessive expenses and distinguished the case from precedents involving intangible additions preceding cash credits. The appeal was allowed in favor of the Revenue, restoring the disallowance of labor expenses. Case-Laws Income Tax Thu, 25 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60873