Revenue should investigate whether bogus transaction is tax planning or tax evasion: ITAT Raipur

Hanumant Ingots Pvt. Ltd. Vs ACIT (ITAT Raipur) ITAT Raipur held that in case of bogus/ sham transactions it is the responsibility of revenue authorities to investigate and decide that whether bogus transactions fall within the category of tax planning or tax evasion. Accordingly, matter restored back to AO for fresh consideration. Facts- The assessee is a company resident in India. It is alleged that assessee is is one of the beneficiaries of bogus transactions carried out by M/s Surakshit Real Estate Ltd. and have received an amount of Rs. 1,21,66,524/-. AO decided to complete the assessment...