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| The Tax Publishers2019 TaxPub(DT) 7934 (SC) INCOME TAX ACT, 1961,
Section 261 Section 37
Where the assessee preferred SLP to appeal against the judgment of Bombay High Court in Smt. Rajkumari Suniel Mutha. v. ITO [ITA No. 183 of 2017, dt. 15-4-2019] : (2019) 417 ITR 295 (Bom) : 2019 TaxPub(DT) 2832 (Bom-HC), whereby the High Court held that As recipient trust was registered trust under section 12A and had shown deficit in the revised return of income entire compensation got subsumed in the deficit and no tax was paid by trust on compensation shown to have been received from assessee and also, assessee's entire transaction lacked transparency and accordingly, assessee's claim could not be allowed, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special Leave Petition - Compensation paid on cancellation of certain agreement - Non-genuine transaction
Assessee preferred SLP to appeal against the judgment of Bombay High Court in Smt. Rajkumari Suniel Mutha. v. ITO [ITA No. 183 of 2017, dt. 15-4-2019] : (2019) 417 ITR 295 (Bom) : 2019 TaxPub(DT) 2832 (Bom-HC), whereby the High Court held that As recipient trust was registered trust under section 12A and had shown deficit in the revised return of income entire compensation got subsumed in the deficit and no tax was paid by trust on compensation shown to have been received from assessee and also, assessee's entire transaction lacked transparency and accordingly, assessee's claim could not be allowed. Held: The Supreme Court dismissed the SLP.
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