1981 (5) TMI 45 - AT - Income Tax

Summary

The assessee's income tax assessment under s. 144 was disputed with three additions made by the ITO. The Appellate Tribunal found no evidence to support the increase in business income to Rs. 5,000 and accepted the returned income. The addition under s. 69A was deleted as the seizure occurred in a different assessment year. The addition for income from smuggling activities was based on speculation and was deleted. The appeal was allowed.