Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 186 - ITAT MUMBAIAssessment u/s 153A - unexplained gifts - Whether no incriminating material found? - HELD THAT:- DR could not controvert the above argument made by the leaned Counsel for the Assessee nor could produce or made a statement that any incriminating material is available in the record of the AO. Once there is no incriminating material, the issue is squarely covered in favour of assessee and against Revenue by the decision in the case of Continental Warehousing Corporation [2015 (5) TMI 656 - BOMBAY HIGH COURT]. Resultantly, this issue of assessee’s appeal is allowed. No addition of bogus gift. - Decided in favour of assessee.
|