Addition based on notional entry without actual transfer of asset unsustainable: ITAT Raipur

ITO Vs Inder Jaggi (ITAT Raipur)

ITAT Raipur held that tax implication of the gift transaction shall arise in the year in which the said asset will be sold/transferred. Thus, addition based on the notional / fictitious entry of asset made in books of account unjustified.

Facts- The assessee is an individual have filed his return of income (ROI) for the AY 2017-18, electronically, on 07.11.2017, declaring total taxable income of Rs.8,90,050/-. During the year under consideration, the assessee was engaged in the business through three proprietorship firms name

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