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Section 69 Addition Deleted as Investment Was Fully Recorded in Books
Case Law Details
- Case Name
- Abuchi Infra Ventures Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Abuchi Infra Ventures Limited Vs ITO (ITAT Delhi)
Section 69 Cannot Apply to Recorded Investments: ITAT Delhi Deletes ₹1.11 Cr Addition Made on Mere Non-Compliance
Abuchi Infra Ventures Ltd filed its return declaring income of ₹1,27,520. The case was selected for limited scrutiny to verify investments, loans/advances & property transactions. Due to repeated non-compliance to notices u/s 142(1) & final show-cause, the AO passed a best-judgment order u/s 144, treating the full investment of ₹1.11 crore towards purchase of an auctioned property from Indian Bank as...
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