Additional document having material impact on proceedings needs verification hence matter remanded: Madras HC

Kalyanasundaram Chandrasekaran Vs ITO (Madras High Court) Madras High Court set aside the draft assessment order and remanded the matter to AO since the additional document submitted is likely to have material impact on the re-assessment proceedings. Thus, matter remanded to verify the validity and genuineness of the additional document. Facts- The petitioner received a notice dated 29.03.2021 u/s. 148 of the Income Tax Act. Thereafter, a notice u/s. 142(1) was issued to the petitioner stating that he had transferred 5000 shares of M/s. Info-Drive Analytics Pvt. Ltd (Info-Drive India) to M/s. ...