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Delhi ITAT Quashes 153C Notice: When Vague Satisfaction Note is Legally Insufficient
Case Law Details
- Case Name
- Stercon Energy Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Stercon Energy Pvt. Ltd. Vs ACIT (ITAT Delhi)
153C Assessment Quashed for Lack of Incriminating Material & Vague Satisfaction Note – Additions on Alleged Accommodation Entries Also Deleted
A search was conducted in the case of Himanshu Verma Group, an alleged entry operator. Based only on his statement that he controlled several shell companies including the Assessee, proceedings u/s 153C were initiated & commission income was added @4% on total bank credits (₹25,91,654) & further @1% on capital (₹13,29,719) alleging sale of company for cash.
Key Defence of Assessee:
No ...
Author Info
