https://www.taxtmi.com/caselaws?id=284237 The Tribunal allowed the appeal in a case concerning assessment proceedings for the year 2007-08. It found that the absence of a notice under section 143(2) served on the assessee club raised validity concerns. The Tribunal held that loans received were genuine, not adequately challenged by the revenue, and repayments were evidenced. It emphasized the importance of applying the doctrine of mutuality to loans given by members and members' subscriptions, criticizing the CIT(A) for not considering these principles. The Tribunal directed the AO to verify loan genuineness and obtain confirmations, remanding the matter for fresh consideration, ultimately allowing the appeal for statistical purposes. en-us Fri, 23 Dec 2016 00:00:00 +0530 Fri, 08 Nov 2019 08:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284237 The Tribunal allowed the appeal in a case concerning assessment proceedings for the year 2007-08. It found that the absence of a notice under section 143(2) served on the assessee club raised validity concerns. The Tribunal held that loans received were genuine, not adequately challenged by the revenue, and repayments were evidenced. It emphasized the importance of applying the doctrine of mutuality to loans given by members and members' subscriptions, criticizing the CIT(A) for not considering these principles. The Tribunal directed the AO to verify loan genuineness and obtain confirmations, remanding the matter for fresh consideration, ultimately allowing the appeal for statistical purposes. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284237