Case Law Details
RSWM Ltd. Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition u/s. 69 of the Income Tax Act based on working/ seized document retrieved from third person without granting cross examination opportunity to the assessee is unsustainable in law.
Facts-
The Assessee is a listed Company in which public is substantially interested engaged in the business of manufacturing of yarn. The original return u/s 139(1) of the Act was filed on 26/11/2014 declaring total of Rs.107,07,43,530/- which was subsequently revised on dated 08/09/2015 declaring total income of Rs.123,72,26,800/- and again on 22/03/2016 declaring total income of Rs.55,88,53,820/-.
Subsequently, search action u/s 132 was carried out in Bhilwara group on dated 04/08/2016 and the premises of the assessee were also covered. AO completed the assessment vide order dated 30/12/2018 u/s 153A on assessed income of Rs.78,02,55,263/- (after setting off with b/f losses of Rs.94,97,62,507/-) under normal provisions and book profits of Rs.133.39,86,575/- u/s. 115JB after making additions.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
