ITAT Chennai Quashes U/s 153A Additions Based Only on Special Audit Findings

Jothi Narayanan Vs DCIT (ITAT Chennai) No Addition U/s 153A Without Incriminating Material – ITAT Chennai Quashes Search Additions Based Only on Special Audit Findings In a search conducted u/s 132 on 04.10.2017 in the case of the assessee, Managing Director of Annai Builders Real Estates Pvt. Ltd., the AO completed assessments u/s 153A r.w.s. 143(3) for multiple years and made several additions including perquisite income u/s 17(2), deemed dividend u/s 2(22)(e), and other adjustments based mainly on findings of a special audit ordered u/s 142(2A). The assessee challenged the jurisdictio...