Case Law Details
Case Name : Abuchi Infra Ventures Limited Vs ITO (ITAT Delhi)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Delhi
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Abuchi Infra Ventures Limited Vs ITO (ITAT Delhi)
Section 69 Cannot Apply to Recorded Investments: ITAT Delhi Deletes ₹1.11 Cr Addition Made on Mere Non-Compliance
Abuchi Infra Ventures Ltd filed its return declaring income of ₹1,27,520. The case was selected for limited scrutiny to verify investments, loans/advances & property transactions. Due to repeated non-compliance to notices u/s 142(1) & final show-cause, the AO passed a best-judgment order u/s 144, treating the full investment of ₹1.11 crore towards purchase of an auctioned property from Indian Bank
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