RAVINDRA K. RESHAWALA,MUMBAI vs. THE DY. COMM. OF INCOME TAX 17(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleravindra K. Reshamwala V. Dcit- Circle 17(1) 7/A Pil Court, 111 M.K. Road Kautilya Bhavan, Bandra Kurla Complex Bandra (E), Mumbai- 400051 Churchgate, Mumbai- 400020 Pan: Aaafr2227C (Appellant) (Respondent) Assessee Represented By : Shri. Piyush Chhajed & Shri Sumit Mantri Department Represented By : Shri. Saurabh Kumar Rai

Section 35AC The Trustee accepted that all the expenses were bogus and the donations received in cheques were returned in cash to all the donors after deducting nominal commission. Consequently, Survey Action conducted by the Investigation wing on some of the donors have conclusively proved that the Trust indeed returned by donations in cash," 4. During scrutiny proceedings, authorised representative

ASHUTOSH SINHA,MUMBAI vs. ITO 4(2)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

purchase consideration paid by the assessee is liable to be taxed under the head ‘income from other sources.’. The ld. AO however, had also noted that as per the request of the assessee, reference was made to the DVO for the valuation of the property, however, the assessment was getting time barred on 31/03/2022 and the valuation report