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Addition u/s. 68 deleted in absence of any adverse incriminating material: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Shalimar Lakecity Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Shalimar Lakecity Pvt. Ltd. (ITAT Delhi)
ITAT Delhi held that addition under section 68 towards unexplained income rightly deleted as no adverse incriminating material/ document found in the premises of the searched person. Accordingly, appeal of the revenue dismissed.
Facts- Based on the search and seizure operations on Shalimar Group of cases on 18.06.2015, the notice u/s. 153C of the Act was issued to the respondent/assessee. In response to notice u/s. 153C of the Act, the respondent/assessee filed its ITR declaring loss of (-) Rs.19,98,293/- on 12.02.2018.
The case was completed u/...
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