1993 (3) TMI 81 - HC - Income Tax

Summary

The High Court of Calcutta upheld the addition of estimated income on diverted funds made by the Income-tax Officer for the assessment years 1983-84 and 1984-85. The Tribunal confirmed the addition, stating that the sum of Rs. 90,000 remained the property of the family and was not proven to be advanced as a loan to the three members. The Court found the Tribunal's conclusion to be correct and ruled in favor of the Revenue.