In the case of ACIT vs. Mohinder Singh, ITAT Chandigarh has held that: Both seller and purchaser are estopped from their act and conduct to take such a self -contradictory plea. Not only the earlier but the later authorities also are the public officers appointed for the collection of taxes contributing to the public exchequer […]

In the case of Pankaj Kumar Gupta vs. ITO, ITAT Lucknow has held that: At the very outset, we observe that as appearing on record, in the return filed by the assessee the tax on sale of immoveable property was not paid or entered into. However, when notice under section 148 of the Act was […]

In the case of Seema Sabharwal vs. ITO, ITAT Chandigarh has held that: If the assessee at the time of assessment proceedings, proves that he has already invested the capital gains on the purchase / construction of the new residential house within the stipulated period, the benefit under the substantive provisions of section 54(1) cannot […]

In the case of Umbrella Projects Pvt. Ltd vs. ITO, ITAT Delhi has held that: In view of the above documents and evidences filed by the assessee, we are of the opinion that these are sufficient to discharge its initial onus regarding the identity, creditworthiness and genuineness as required under Section 68 of the Act. […]

In the case of Prafful Industries (P) Ltd vs. DCIT, ITAT Delhi has held that: Citation: The primary burden of proof is on the Revenue to show that the assessee is guilty of concealment/ furnishing inaccurate particulars. Making an incorrect claim does not tantamount to furnishing inaccurate particulars by any stretch of imagination. Wrong claim […]

In the case of DCIT vs. Alcon Biosciences P Ltd, ITAT Mumbai has held that: Citation: The fact that a pvt. ltd co issued shares at an exorbitant premium is irrelevant if the assessee has proved the genuineness of the transaction. If the assessee has furnished necessary evidence to prove the identity of the share […]