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Addition u/s 68 was deleted as no incriminating material found during search for Unabated AY
Case Law Details
- Case Name
- DCIT Vs NRVS Steels Ltd. (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Raipur
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DCIT Vs NRVS Steels Ltd. (ITAT Raipur)
Conclusion: In absence of any incriminating material unearthed during the search from the premises of assessee for an unabated / completed assessment year, no addition under section 68 on account of undisclosed income was justified and AO could re-open the assessment in exercise of powers under sections 147/148, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148.
Held: Assessee was a Public Limited Company, engaged in manufacturing of Sponge Iron through processing Iron Ore, coal and dolomite. A search a...
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