2021-TIOL-722-ITAT-DEL

Amba Metals Vs ACIT

Whether when purchases from the parties are accepted and sales made out of those purchases are not doubted, the payments outstanding in the name of those parties accepted in subsequent year, then there is no reason to doubt the genuineness of the outstanding balance - YES : ITAT

- Revenue's appeal dismissed: DELHI ITAT

2021-TIOL-721-ITAT-JAIPUR

ACIT Vs Ijyaraj Singh

Whether when no real income arises in assessee's hand, assessee is not exigible to capital gains tax – NO: ITAT

Whether sec. 53A of Transfer of Pro perty Act, 1882 is applicable only when transferee has taken possession of property or any part thereof and has performed or is willing to perform his part of agreement – YES: ITAT

- Directions issued: JAIPUR ITAT

2021-TIOL-720-ITAT-JAIPUR

Sushila Chachan Vs ITO

Whether since return of income originally filed disclose sale of immovable property and LTCG then there cannot be any reasons to believe that income has escaped assessment for the very same transaction for assumption of jurisdiction u/s 147 - YES : ITAT

- Assessee's appeal partly allowed: JAIPUR ITAT