Search Assessment – Suppressed Sales Deleted, Sec 37(1) Expenses Allowed & CWIP Write-Off Treated as Revenue – 143(3) Order Quashed – ITAT Mumbai

Tin Tar Retail Corp Vs ACIT (ITAT Mumbai) Search Assessment – Suppressed Sales Deleted, Sec 37(1) Expenses Allowed & CWIP Write-Off Treated as Revenue – 143(3) Order Quashed – ITAT Mumbai Search u/s 132 led to parallel assessments u/s 143(3) & 153A for AY 2017-18. ITAT held that once search was initiated, assessment u/s 143(3) framed thereafter was invalid in view of 2nd proviso to Sec 153A and ratio of Abhisar Buildwell. Consequently, 143(3) order was quashed. On merits of 153A assessment, AO alleged suppressed sales of ₹96.77 lakh based on ERP data mismatch; however ITAT obse...