Case Law Details
Mani Square Ltd Vs ACIT (ITAT Kolkata)
ITAT Kolkata allowing appeal of addition of 214 crores (approx) on host of issues on search assessment mainly on 1) Incriminating material 2) addition u/s 68 for unsecured loans 3) Alleged Undisclosed on money consideration and Theory of extrapolation 5) Cash Purchases 6) Unexplained expenditure also deciding basis of Evidentiary value of Third party statement and Cross examination angle . (all imp judgements referred) .
Ist aspect
16. Considering the judicial precedents (supra) on the subject, particularly the decision of the Hon’ble jurisdictional Calcutta High Court in the case of PCIT vs Salasar Stock Broking Ltd. (supra) which is binding upon this Tribunal as well as the Hon’ble Apex Court decision, we hold that in the case of unabated assessments of an assessee, no addition is permissible in the order u/s 153A of the Act unless it is based on any tangible, cogent and relevant incriminating material found during the course of search qua the assessee and qua the AY
IInd aspect
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