Case Law Details
ITO Vs Vijay Dwellers Pvt. Ltd. (ITAT Mumbai)
In the given case, the appeal is filed by revenue against the order of Commissioner of Income Tax (Appeals). The issue here is that as per assessing officer there is requirement for assesse to prove the source of funds in the hands of the receipts received by assessee.
The tribunal have heard the rival submission and conclude that since this is a case of repayment of loan given by the assessee, there is no requirement on the part of the assessee to prove the source of funds in the hands of assessee. There cannot be any dispute on the above reasoning. They are supported by the decision in Veedhata Tower Pvt. Ltd. (supra) and M/s SDB Estate Pvt. Ltd. (supra).
FULL TEXT OF THE ITAT JUDGEMENT
This is an appeal filed by the Revenue. The relevant assessment year is 2009-10. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-14, Mumbai [in short ‘CIT(A)’] and arises out of the assessment completed u/s 143(3) r.w.s. 147 of the Income Tax Act 1961, (the ‘Act’).
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