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Fiduciary Journal entry without cash cannot be taxed u/s 68: ITAT Mumbai
Case Law Details
- Case Name
- Gopaal Bhagwandas Ahuja Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014–15
- Courts
- All ITAT, ITAT Mumbai
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Gopaal Bhagwandas Ahuja Vs ACIT (ITAT Mumbai)
Assessee, a real estate trader & proprietor of Ahuja Traders, had recorded a ₹4.27 crore transaction in his books via journal entry. AO noted that Mrs. Prerna Ahuja had only ₹3,434 income that year & doubted her creditworthiness to give such a loan. Assessee explained that this was not a loan, but merely a journal reclassification of an escrow arrangement involving Komal Exotic Spices Pvt. Ltd., in which both his wife & daughter-in-law were directors.AO treated the entry as unexplained & added it as income u/s 68.
CIT confirmed ...
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