Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1424 - HC - Income TaxBogus transactions - loan was converted into OCPS - Held that:- The court finds that the Income-tax Appellate Tribunal has given cogent reasons why in the facts and circumstances the transaction in question cannot be held to be bogus as Tribunal pointed out that with no significant event having taken place, except redemption of the 2 per cent. RCPS, there was no basis for the Assessing Officer to have concluded that the entire transaction to be bogus. The Income-tax Appellate Tribunal further noted that the Assessing Officer called for information from JPL under section 133(6) of the Act but was unable to find any material to conclude that the transaction between the respondent-assessee and the JPL was bogus. - Decided against revenue.
|