AO cannot step in the shoes of businessman to decide curtailing of excessive expenditure unless brought evidence of fraud: ITAT deletes addition [Read Order]

By Namaskar Acharya - On September 12, 2023 8:00 pm - 3 mins read

shoes of businessman - curtailing of excessive expenditure - evidence of fraud - ITAT deletes addition - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Adoption of value by AO on the date of transfer being hypothetical makes the addition non tenable under section 48 of the Income Tax Act. The assessee company has declared Long Term Capital Gain of Rs. 13134996/- from the transfer of 1538460 shares…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics