THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. SMT.GRACY BABU,
ITA/54/2020HC Kerala03 Apr 2024
Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.
For Respondent: THE PRINCIPAL COMMISSIONER OF INCOME TAX
Section 153C of the I.T. Act. Placing reliance on the
seized documents, the Assessing Authority found that the erstwhile
trustees had in fact received approximately Rs.37.5 crores towards
consideration for relinquishing their trusteeship but they had
camouflaged these receipts under different heads by showing the
receipt of Rs.14.55 crores towards reimbursement of amounts paid by
assessees for clearing outstanding debts
