Genuinity of Transaction is to be proved by Assessee as Statutory Approvals doesn't sanctify Transaction

Last updated: 04 September 2021
Quick Summary
The Madras High Court has ruled that the onus is on the assessee to prove the genuineness of a transaction, not on the tax authorities to disprove it. Statutory approvals do not automatically sanctify a transaction. The court emphasised that a deeper factual examination is required, which is typically beyond the scope of a writ petition.

Court :
Madras High Court

Brief :
In M/S. Vishwatej Developers Private Limited vs. Assistant Commissioner of Income Tax [No. - W.A.No.1791 of 2021 And C.M.P.No.1181 of 2021 dated August 23, 2021], M/s Vishwatej Developers Private Limited ("the Appellant'') has filed the current writ petition against the Order dated June 15, 2021, which is a common order in two writ petitions and the Appellant has preferred this appeal as against the decision rendered in W.P.No.1103 of 2011. dated December 30, 2010.

Citation :
No. - W.A.No.1791 of 2021 And C.M.P.No.1181 of 2021 dated August 23, 2021

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Bimal Jain
Published in Income Tax
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