Bombay HC Dismiss Revenue’s Claim of ₹33 Lakh Cash Transaction in Land Deal

CIT Vs Supreme Industries Ltd. (Bombay High Court) Bombay High Court has dismissed an appeal filed by the Income Tax Department, upholding a decision by the Income Tax Appellate Tribunal (ITAT) that rejected the department’s claim of a ₹33 lakh unexplained cash payment by Supreme Industries Ltd. for a land purchase. The High Court observed that the Tribunal’s finding was based on a thorough consideration of evidence, concluding that the seized document alone was insufficient to prove the alleged cash transaction. The case originated from a search and seizure operation conducted b...