ACIT Vs. Munjal Holdings
Case No: ITA No.5834/Del/2024
Court: Income Tax Appellate Tribunal, Delhi 'E' Bench
Date: 1/7/2026
Parties Involved
appellantACIT, Circle 28(1)
respondentM/s. Munjal Holdings
Facts Summary
The assessee, M/s. Munjal Holdings, a partnership firm, filed its return of income for Assessment Year 2016-17 declaring a total income of Rs. 15,89,50,640/-. The case was initially assessed on 18.12.2018 wherein the returned income was accepted. However, based on information received on the Insights portal, it was noted that the assessee had incurred losses in Equity/Derivative Trading and received dividends from mutual funds, which were deemed sham transactions. Consequently, a notice under se…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) was justified in allowing the appeal of the assessee without considering the Supreme Court judgment in Union of India & Ors. Vs Rajeev Bansal.
- 2. Whether the Ld. CIT(A) was justified in allowing the appeal without considering the dividend income of Rs. 165,57,48,917/- not offered for taxation.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
4 precedents cited in this judgement.