{"id":29740,"date":"2022-09-11T18:01:24","date_gmt":"2022-09-11T12:31:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-hajeebu-venkata-seeta-2022-bcaj-march-p-39-hyd-trib\/"},"modified":"2022-09-11T18:01:24","modified_gmt":"2022-09-11T12:31:24","slug":"ito-v-hajeebu-venkata-seeta-2022-bcaj-march-p-39-hyd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-hajeebu-venkata-seeta-2022-bcaj-march-p-39-hyd-trib\/","title":{"rendered":"ITO v. Hajeebu Venkata Seeta ( 2022) BCAJ \u2013 March -P. 39( Hyd )( Trib)"},"content":{"rendered":"<p>Dismissing the appeal of the Revenue\u00a0 the Tribunal held that a sum received as advance or loan which is found to be correct\u00a0 there is a precondition of its return to be made to creditor party . Therefore the sum received cannot be said to be without consideration hence the provision of section 56(2)(vii) is not applicable . The AO has not invoked the provision of S. 68 of the Act . ( TS.-50 -ITAT -2022 (Hyd) ( AY. 2009 -10) ( Dt. 5 -1 -2022 ) \u00a0\u00a0<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 56 : Income from other sources \u2013 Advance received for purchase of property \u2013 Cannot be held as without consideration \u2013 Deletion of addition is held to be justified [ S. 56(2)(vi) , 68 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29740","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7JG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29740"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29740\/revisions"}],"predecessor-version":[{"id":29741,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29740\/revisions\/29741"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}