CIT(A) Dismissed Appeal for Non-Prosecution; ITAT Restores After Assessee Explains Missed Notice

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 statements were not ...