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WOA in joint names of different individuals can lead to a valid assessment/s u/s.153A
Case Law Details
- Case Name
- Satish L. Babladi Vs. Dy. CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05 & 2006- 07
- Courts
- All ITAT, ITAT Mumbai
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In the instant case, there is no iota of evidence, nor is it the assessee’s case of it being so, of any joint economic or commercial activity by the four named persons, to suggest even remotely of income/ assets of an AOP. In fact, by all available counts, the information, or at least one of the information, leading to the search action, is the monies received from ANL under the Arbitration Award dated 26.11.2005; the same having not been disclosed in the returns for the respective years.
The said income, arising from the joint ownership of the property, in defined ratios, is asses sable...
