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No Addition in Unabated Search Year Without Seized Evidence: ITAT Kolkata

Case Law Details

Case Name : ITO Vs Unicorn Land Developers Pvt. Ltd. (ITAT Kolkata)
Related Assessment Year : 2012-13
Courts : All ITAT ITAT Kolkata
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ITO Vs Unicorn Land Developers Pvt. Ltd. (ITAT Kolkata)

No Addition in Unabated Search Year Without Incriminating Material: ITAT Kolkata Deletes ₹1.15 Cr Share Premium Addition

The Kolkata ITAT dismissed the Revenue’s appeal and upheld deletion of ₹1.15 crore added under Section 68 on account of share capital and share premium in the case of Unicorn Land Developers Pvt. Ltd. for AY 2012-13. The assessee’s assessment for the year had already been completed under Section 143(3) on 02.03.20

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Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 4558
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

When Adjustment u/s 143(1) Is Deleted in Appeal, Assessment Based on Such Adjustment Cannot Survive: ITAT Bangalore Assessment in the Name of Deceased Person – Absence of Notice to Legal Heir – Entire Assessment Held Void: ITAT Bangalore Common Satisfaction Note for Multiple AYs Invalid U/s 153C: ITAT Bangalore Demonetization Cash Deposits: 69A Addition Invalid on Mere Suspicion – ITAT Bangalore Delay of 513 Days in Filing Departmental Appeal Not Condoned – Appeal Dismissed in Limine: ITAT Bangalore View More Published Posts

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