Case Law Details
Mayur Kanjibhai Shah Vs ITO (ITAT Mumbai)
n the complex world of taxation, disputes often arise regarding the interpretation of financial transactions and the disclosure of income. One such case that came before the Income Tax Appellate Tribunal (ITAT) Mumbai was that of Mayur Kanjibhai Shah versus the Income Tax Officer (ITO), concerning the assessment year 2012-13. This article delves into the details of the case, analyzing the arguments presented by both parties and the eventual decision reached by the tribunal.
Background of the Case
Mayur Kanjibhai Shah, a sole proprietor engaged in the retail business of readymade ladies’ dresses and fabrics, filed his income tax return for the assessment year 2012-13, declaring a total income of Rs. 5,05,980/-. However, the case took a turn when the Assessing Officer received information regarding alleged undisclosed activities involving cash transactions.
Allegations and Assessment
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