Faceless reassessment jurisdiction turned on retrospective AO definition, with later faceless-assessment changes treated as clarificatory and procedur...
Page of 4805
Press 'Enter' after typing page number.
2121 to 2140 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Income Tax Appellate Tribunal held that cash found in two lockers belonged to RNB Temple Trust and Ram Bajaj Foundation. The Trust's balance sheet showed cash in hand of Rs. 1,79,00,000, explaining the addition of Rs. 4,00,000 sustained by the CIT(A). The Foundation's balance sheet was accepted in its assessment, and the locker was operated before the search. The cash in the lockers, earmarked for temple construction and running an educational institution, matched the declared cash in both entities' balance sheets. Considering the circumstances, the Tribunal presumed the cash belonged to the Trust and Foundation, not the Bajaj family members, and deleted the addition made by the CIT(A), deciding in favor of the assessee.
The Income Tax Appellate Tribunal held that cash found in two lockers belonged to RNB Temple Trust and Ram Bajaj Foundation. The Trust's balance sheet showed cash in hand of Rs. 1,79,00,000, explaining the addition of Rs. 4,00,000 sustained by the CIT(A). The Foundation's balance sheet was accepted in its assessment, and the locker was operated before the search. The cash in the lockers, earmarked for temple construction and running an educational institution, matched the declared cash in both entities' balance sheets. Considering the circumstances, the Tribunal presumed the cash belonged to the Trust and Foundation, not the Bajaj family members, and deleted the addition made by the CIT(A), deciding in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
