TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

vii) and that the provisions of section 56(2) were to strike at the generation and use of unaccounted money and was never intended the honest and bonafide transactions where consideration for transfer was 10 Tajshree Autowheels Pvt. Ltd. ITA no.400/Nag./2024 correctly disclosed by the assessee. The said principle was followed in various court rulings which are reproduced herein

I.T.O. WARD -3(5), NAGPUR vs. SHRI MUKUNDRAO GOVINDRAO MANKAR, KATOL

In the result, Revenue’s appeal is dismissed