Sell of properties of borrower by bankers/ARCs – Govt should ensure mechanism to recover tax from recipient

Abbasbhai A. Upletawala Vs ITO (ITAT Mumbai) ITAT asks the Govt. to bring out a mechanism to ensure tax recovery from ARCs/Banks on the sale of security assets The Income Tax Appellate Tribunal, Mumbai Bench (“the ITAT”) in the case of Abbasbhai A. Upletawala v. Income Tax Officer Ward 16(1)(1) [ITA No. 5332/Mum/2015 dated October 21, 2022] asked the government to bring out a mechanism to ensure tax recovery on the sale of security assets from the Asset Reconstruction Companies (“the ARCs”) or banks. Facts: Mr. Abbasbhai A. Upletawala (“the Appellant”) is the director of M/s Abid S...