ITAT Erred in Accepting Retraction of Admission Without Testing Credibility: Calcutta HC

CIT Vs Ashok Kumar Poddar (Calcutta High Court) The appeal arose under Section 260A of the Income-tax Act, 1961, where the Revenue challenged the decision of the Income Tax Appellate Tribunal deleting additions of ₹3,25,37,586 and ₹17,29,25,670 made on the basis of seized documents during a search operation. The appeal was maintainable only if it involved a substantial question of law, particularly where findings of fact were alleged to be perverse. A search and seizure operation was conducted on 19 December 1998 at the residential premises and bank locker of the assessee, resulting in sei...