HC Nullifies ITAT Order on Information Sharing with SEBI, ED, MCA & ROC

Naresh Manakchand Jain Vs Registrar, Income-tax Appellate Tribunal (Bombay High Court) The Bombay High Court recently rendered a crucial decision, quashing an order by the Income-tax Appellate Tribunal (ITAT) that directed the Assessing Officer (AO) to share information with SEBI, ED, MCA, and ROC. The case involves alleged bogus accommodation entries, money laundering, and a significant number of beneficiaries. Background and Appeals: The petitioner, Naresh Manakchand Jain, filed appeals (ITA Nos. 1945 and 1946 of 2023) with the ITAT challenging the Commissioner of Income-tax (Appeals) [CIT(...