1979 (7) TMI 61 - HC - Income Tax

Summary

The High Court of Allahabad found that the Tribunal did not properly consider the assessee's explanation for discrepancies in income reported. The Tribunal was instructed to re-examine the matter and determine if the explanation provided by the assessee was sufficient to rebut the presumption of fraud or neglect. The case was returned to the Tribunal for rehearing in accordance with the law.