https://www.taxtmi.com/highlights?id=54275 Addition u/s 56(2)(vii) - As regards the contention of the CIT D/R this is only a paper transaction, we note that the AO has not doubted the transaction either during the course of assessment proceedings or during the course of remand proceedings. Therefore, such a plea cannot be considered or accepted which is contrary to the stand of the AO. Even otherwise, the LD. CIT D/R can only support the order of the AO and cannot improve the same. Further, if the transaction itself is not a genuine transaction, then the question of applying the provisions of section 56(2)(vii) does not arise. - AT en-us Thu, 06 Aug 2020 16:11:38 +0530 Thu, 06 Aug 2020 16:11:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54275 Addition u/s 56(2)(vii) - As regards the contention of the CIT D/R this is only a paper transaction, we note that the AO has not doubted the transaction either during the course of assessment proceedings or during the course of remand proceedings. Therefore, such a plea cannot be considered or accepted which is contrary to the stand of the AO. Even otherwise, the LD. CIT D/R can only support the order of the AO and cannot improve the same. Further, if the transaction itself is not a genuine transaction, then the question of applying the provisions of section 56(2)(vii) does not arise. - AT Highlights Income Tax Thu, 06 Aug 2020 16:11:38 +0530 https://www.taxtmi.com/highlights?id=54275