2023-TIOL-1642-HC-DEL-IT

Amarjit Singh Bakshi Vs CIT

Whether AO needs to satisfy himself that undisclosed income belongs to any person other than person with respect to whom search was made u/s 132 or whose books of account were requisitioned u/s 132A - YES: HC

- Revenue's appeals dismissed: DELHI HIGH COURT

2023-TIOL-1641-HC-MUM-IT

DCW Ltd Vs ACIT

Whether change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment - YES: HC

- Assessee's petition allowed: BOMBAY HIGH COURT

2023-TIOL-1549-ITAT-MUM

DCIT Vs Megabyte Merchants Pvt Ltd

Whether since the assessment for subject AY was already competed years back, the AO cannot make the addition without duly recording the incriminating evidence - YES: ITAT

- Revenue's appeal dismissed: MUMBAI ITAT

2023-TIOL-1548-ITAT-MUM

DCIT Vs Krishiraj Enterprises

Whether CIT(A) was justified in deleting the addition when assessee has failed to furnish supporting documents and corroborative evidence in respect of the source of cash deposits - NO: ITAT

- Revenue's appeal allowed: MUMBAI ITAT

2023-TIOL-1547-ITAT-MUM

Dimple Enterprises Vs DCIT

Whether since Section 23(5) prospectively from AY 2018-19, the exemption claimed as unsold stock is held as inventory and not ‘Income from house property' cannot be allowed - YES: ITAT

- Assessee's appeal dismissed: MUMBAI ITAT