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CIT(A) Dismissed Appeal for Non-Prosecution; ITAT Restores After Assessee Explains Missed Notice
Case Law Details
- Case Name
- Devtech M2M Limited Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
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Devtech M2M Limited Vs DCIT (ITAT Pune)
Assessee, a company manufacturing energy-efficient lighting products, was reopened u/s 147 on information from Investigation Wing alleging that ₹2.22 crore had been credited to Assessee’s bank account & that large import remittances had been made. AO issued notices u/s 148, 142(1) & 143(2). Assessee denied any such receipt for AY 2014-15 & claimed that the unsecured loan of ₹2.22 crore from shareholder Shri Vinod Jadhav was actually received in AY 2015-16, substantiated by audited financials & ledger. Since bank sta...
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