https://www.taxtmi.com/caselaws?id=61497 The Tribunal vacated the reassessment proceedings initiated by the ITO under Section 147, as there was no evidence linking the undisclosed investment by the wife to the husband or indicating benami transactions. The Tribunal found the proceedings unwarranted and unjustified, leading to the appeals being allowed and the reassessment being annulled. The addition of Rs. 10,000 as income from undisclosed sources in each case was not addressed due to the Tribunal's decision on the lack of legal basis for the ITO's presumption. en-us Mon, 26 Oct 1981 00:00:00 +0530 Wed, 12 Jan 2011 18:31:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61497 The Tribunal vacated the reassessment proceedings initiated by the ITO under Section 147, as there was no evidence linking the undisclosed investment by the wife to the husband or indicating benami transactions. The Tribunal found the proceedings unwarranted and unjustified, leading to the appeals being allowed and the reassessment being annulled. The addition of Rs. 10,000 as income from undisclosed sources in each case was not addressed due to the Tribunal's decision on the lack of legal basis for the ITO's presumption. Case-Laws Income Tax Mon, 26 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61497