DY CIT. CIRCLE-1, THANE vs. M/S TRAVECOM GLOBAL P. LTD., BHAYANDER
In the result, appeal filed by the Revenue is dismissed
ITA 59/MUM/2021[2016-17]Status: DisposedITAT Mumbai28 Jun 2022AY 2016-17
Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle 1 V. M/S. Travecom Global Pvt. Ltd., Room No. 22, B-Wing B/607, Krishnakunj 6Th Floor, Ashar I.T. Park Salasar Brij Bhoomi Wagle Industrial Estate Bhayander (W)-401101 Thane (W)-400604 Pan: Aaect8729Q (Appellant) (Respondent) Assessee By : Ms. Aarti Vissanji Department By : Shri B.K. Bagchi
For Appellant: Ms. Aarti VissanjiFor Respondent: Shri B.K. Bagchi
Section 143(2)Section 56(2)(viib)
68 are in the nature of anti-abuse measures aimed at preventing the mala fide transactions intended to avoid tax liability and to tackle the problem of black money and were never intended to be made applicable on genuine, bona fide and purely commercial transactions.
To substantiate the same the assessee relies on the following board circulars and judicial precedents
