Protective Additions Not Justified Without Partner Substantiation, ITAT Allows Fresh Hearing

Kanishka F&B Vs ITO (ITAT Visakhapatnam) The case of Kanishka F&B vs. ITO (ITAT Visakhapatnam) involves an appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, relating to the assessment year 2018-19. The assessee, a newly incorporated firm, filed its income tax return on 29 September 2018 declaring a loss of ₹26,91,175. The case was selected for scrutiny under the Centralised Scrutiny Selection System (CASS) due to the substantial introduction of capital in the year of incorporation. During the assessment proceedings, notices...