Consortium Members Not Individually Liable: ITAT Clarifies AOP Taxation

PICO Deepali Overlays Consortium Vs DCIT (ITAT Delhi) CWG Consortium Gets Major Relief: Cash & Jewellery Not Found at AOP Premises, Bogus Purchases & TP Additions All Quashed Assessee, an unincorporated AOP formed for execution of Commonwealth Games 2010 overlay contracts, faced multiple additions pursuant to search assessments u/s 153A r.w.s. 254 & 144C, including addition u/s 69A for cash & jewellery seized, disallowance of alleged bogus purchases, blanket disallowance of expenses, & substantial transfer-pricing adjustments by treating intra-group services at NIL value. T...