Addition outside prescribed scope of limited scrutiny invalid: ITAT Kolkata

Nawal Kishore Rajgarhia Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that addition made outside the prescribed scope of limited scrutiny, without proper conversion to complete scrutiny, is arbitrary and invalid. Accordingly, addition deleted.

Facts- The return of the assessee was selected for limited scrutiny on two specific issues i.e. gross interest shown in Schedule OS of ITR is less than interest receipt reported in 26AS and large Value Sale of Option in securities (derivative) in a recognized stock exchange and no business income declared by the assessee (S

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