1988 (10) TMI 23 - HC - Income Tax

Summary

The High Court in Patna upheld the decision in Taxation Case No. 172 of 1978 in favor of the assessee. The Tribunal's findings regarding unexplained cash credits and investments were not considered as they were not recorded in the assessment order. The Tribunal also questioned the genuineness of certain entries and found no demand from the assessee for a rehearing. The question was answered in favor of the assessee with no costs awarded.