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CPC Cannot Treat Form 3CD Entries as Final Without Verification
Case Law Details
- Case Name
- Surya International Pvt. Ltd. Vs Central Processing Center (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Lucknow
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Surya International Pvt. Ltd. Vs Central Processing Center (ITAT Lucknow)
143(1) Adjustments Based on Form 3CD Not Conclusive: ITAT Orders AO Verification
The Lucknow Bench of the ITAT partly allowed the assessee’s appeal for AY 2020-21 for statistical purposes, holding that prima facie adjustments made under section 143(1)—based solely on Form 3CD disclosures—cannot attain finality without factual verification. The CPC had added ₹1.75 crore treating a bank guarantee reported as contingent liability (Sl. 21(g) of Form 3CD) as income, and disallowed ₹3.18 lakh of elec...
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