Case Law Details
Case Name : Viraj Profiles Limited Vs DCIT (ITAT Mumbai)
Appeal Number : I.T.A. No. 1771/Mum/2021
Date of Judgement/Order : 26/04/2023
Related Assessment Year : 2011-2012
Courts :
All ITAT ITAT Mumbai
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Viraj Profiles Limited Vs DCIT (ITAT Mumbai)
ITAT extracted the fourth proviso to sec. 153A of the Act in the preceding paragraph. A careful perusal of the above said proviso would reveal that, in order to invoke the fourth proviso to sec.153A, it is required to be shown by the AO that
- the books of account or other documents or evidence in his possession reveal that the income which has escaped assessment for the relevant assessment year is “in the form of asset”
- the quantum of income so escaped amount to fifty lakhs or more in the relevant assessment year or in aggregate in the relevant assessment years.
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