ACIT, New Delhi vs. M/S. Majestic Properties Pvt. Ltd., New Delhi
In the result, all the appeals of the revenue are dismissed
ITA 5579/DEL/2011[2007-08]Status: DisposedITAT Delhi14 Oct 2022AY 2007-08
Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Usita No. 5231/Del/2011 : Asstt. Year 2005-06 Ita No. 5392/Del/2011 : Asstt. Year 2006-07 Ita No. 5579/Del/2011 : Asstt. Year 2007-08 Acit, Vs. M/S Majestic Properties (P) Ltd., Central Circle-2, 1/18B, Asaf Ali Road, New Delhi New Delhi (Appellant) (Respondent) Pan No. Aaacm7158E Assessee By : Dr. Rakesh Gupta, Adv. & Sh. Deepesh Garg, Adv. Revenue By : Ms. Shivani Singh, Cit Dr Date Of Hearing: 22.07.2022 Date Of Pronouncement: 14.10.2022
For Appellant: Dr. Rakesh Gupta, Adv. &For Respondent: Ms. Shivani Singh, CIT DR
Section 132
…/Del/2011 14 Majestic Properties receipt is income or not depends on the nature of the receipt and true scope as well as the fact of the relevant taxing provisions- as has been Held by Hon’ble Bombay High Court in the case of Mehbood Productions P Ltd Vs. CIT 106 ITR 768. In view of this settled proposition, it follows that revenue can tax only those receipts, which, first have been proved to be income in the hands of the recipients and secondly, the same have to proved as non-exempt from tax. We are therefore, of the opinion that it is revenue’s onus, before assessing any receipt as taxable income; to prove that…
