1978 (2) TMI 3 - HC - Income Tax

Summary

The High Court of Calcutta held that the Tribunal erred in calculating tax liability based on the entirety of Rs. 80,000 instead of the upheld addition of Rs. 40,000 from undisclosed sources. The case is referred back to the Tribunal for reconsideration based on correct tax liabilities. Sudhindra Mohan Guha J. agreed with the decision.