https://www.taxtmi.com/caselaws?id=405360 The High Court found the Tribunal's decision to remand the matter back to the Assessing Officer unjustified and unsustainable in law. The Court emphasized that the Tribunal should have provided reasons for the remand and found no new material warranting such action. It upheld the AO and CIT(A)'s findings that the assessee engaged in sham transactions to create artificial gains, emphasizing the burden of proof on the assessee. The Court set aside the Tribunal's orders, restoring the CIT(A)'s decision in favor of the Revenue. en-us Mon, 25 Jan 2021 00:00:00 +0530 Thu, 18 Mar 2021 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405360 The High Court found the Tribunal's decision to remand the matter back to the Assessing Officer unjustified and unsustainable in law. The Court emphasized that the Tribunal should have provided reasons for the remand and found no new material warranting such action. It upheld the AO and CIT(A)'s findings that the assessee engaged in sham transactions to create artificial gains, emphasizing the burden of proof on the assessee. The Court set aside the Tribunal's orders, restoring the CIT(A)'s decision in favor of the Revenue. Case-Laws Income Tax Mon, 25 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405360