Challenge against Genuineness of Transaction not raised before ITAT does not survive before HC: Karnataka HC [Read Order]

The Karnataka High Court affirmed that the challenge against the genuineness of a transaction, if not raised before the ITAT, does not survive before the High Court
By Manu Sharma - On October 15, 2024 10:22 am - 2 mins read
ITAT - ITAT Karnataka - Income tax - Genuine transaction - Karnataka High Court - Genuineness of Transaction - ITAT appeal - taxscan

In a recent ruling, the Karnataka High Court dismissed a revenue appeal upholding the Income Tax Appellate Tribunal ( ITAT ) decision, which did not accept the revenue’s argument about the genuineness of a particular transaction. The assessee, M/s Jupiter Entertainment Ventures (P) Ltd., had acquired shares of M/s Asianet TV Holdings Pvt. Ltd. at…

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