1998 (11) TMI 35 - HC - Income Tax

Summary

High Court MADRAS judgment: The Tribunal found the assessee's investments were from his share of profits, agricultural income, and savings. Questions 1 and 2 answered in favor of assessee. Question 3: Tribunal ruled no evidence the amount invested came from the assessee, so the addition was unjustified. Decision in favor of assessee based on lack of material supporting ownership by the assessee.