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Addition based on notional entry without actual transfer of asset unsustainable: ITAT Raipur
Case Law Details
- Case Name
- ITO Vs Inder Jaggi (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Raipur
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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 namely Siddhi Vinayak Baxi Motors, Siddh...
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