One Omnibus 153D Approval for Multiple Years Assessees Is Illegal – ITAT Strikes Down Entire Block of Assessments

DCIT Vs Key Events (ITAT Delhi) A search was conducted in the Kohli Tent Group on 03.05.2018. Based on seized material, proceedings u/s 153C were initiated against Key Events. In response to notice, Assessee filed return & assessments were completed u/s 153C/143(3) making huge additions on account of alleged suppressed business receipts, unexplained money & revenue sharing income. CIT(A) partly allowed Assessee’s appeal by estimating profit at 10% of certain receipts and deleting separate addition for revenue sharing with Umrao Hotels. Revenue filed appeals challenging deletion of ad...