ITAT Chandigarh Deletes ₹1.12 Cr Addition – Accepts Revised Income Declared in Mining Case

ACIT Vs Northern Royalty Company (ITAT Chandigarh) Assessee Company, engaged in mining activities under licences from the Haryana Government, was part of the Majha Group subjected to a search u/s 132 on 05.04.2018. Based on seized digital & physical records, proceedings were initiated u/s 153C & AO completed assessment estimating net profit at 25% on gross receipts of ₹36.78 crore, resulting in an addition of ₹3.68 crore. On appeal, CIT(A) held that the comparables used by AO were not functionally similar, reduced the rate to 18%, & restricted the addition to ₹1.12 crore. Rev...