DCIT, Circle -6, Jaipur, Ncrb vs. Ascent Buildhome Developers Limited, Adarsh Nagar, Jaipur
In the result, the appeal of the revenue is dismissed
ITA 846/JPR/2024[2013-14]Status: DisposedITAT Jaipur30 Jan 2025AY 2013-14
For Appellant: Sh. Jitendra Wadhwa, CAFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 143(1)Section 143(2)Section 143(3)
…y establishes that the assessee manipulated stock declarations and expense claims to evade tax liabilities. II. Reliance on Judicial Precedent The Hon'ble Supreme Court in Principal Commissioner of Income Tax (Central)-1 v. NRA Iron & Steel Pvt. Ltd., [(2019) 3 SCC 184], held that the burden of proof rests squarely on the assessee to establish the genuineness of transactions, including the identity and creditworthiness of investors and the authenticity of financial declarations. The Court further held that failure to provide cogent evidence renders the claims liable for disallowance. Applying the ratio of the abo…
