https://www.taxtmi.com/caselaws?id=61389 The ITAT reversed the CIT(A)'s decision in a case concerning the assessment year 1983-84. The ITO's assessment of old credits in two individuals' accounts as the assessee's income from undisclosed sources was deemed arbitrary. The ITAT found the evidence of old balances being carried forward credible, deleting the additions made by the ITO. Additionally, various expenses unrelated to a settlement petition were sent back for the CIT(A) to decide on merit. The appeal was allowed for statistical purposes, highlighting the importance of relying on substantial evidence in assessments. en-us Wed, 31 Dec 1986 00:00:00 +0530 Wed, 12 Jan 2011 14:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61389 The ITAT reversed the CIT(A)'s decision in a case concerning the assessment year 1983-84. The ITO's assessment of old credits in two individuals' accounts as the assessee's income from undisclosed sources was deemed arbitrary. The ITAT found the evidence of old balances being carried forward credible, deleting the additions made by the ITO. Additionally, various expenses unrelated to a settlement petition were sent back for the CIT(A) to decide on merit. The appeal was allowed for statistical purposes, highlighting the importance of relying on substantial evidence in assessments. Case-Laws Income Tax Wed, 31 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61389