In Brief
An income tax assessee appealed against orders of the High Court and Income Tax Appellate Tribunal upholding his tax assessment. The assessee's vendor filed revised returns after the search operation, showing additional funds received. The Supreme Court found that both the Tribunal and High Court failed to adequately analyze whether a mandatory statement under Section 132(4) existed on record and did not consider the impact of the vendor's revised returns. The Court set aside both orders and remanded the matter to the Tribunal for fresh disposal, directing it to address all issues and render a decision within six months.
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