ITAT Quashes ₹287 Crore Addition- Third Party Excel Sheets Alone Not Enough

Chennamaneni Mithun Chand Vs ACIT (ITAT Hyderabad) Hyderabad ITAT Quashes ₹287 Crore Addition u/s 56(2)(x) & Holds Assessment Time-Barred – Third Party Excel Sheets Alone Not Enough In a significant ruling, the Hyderabad ITAT quashed the assessment itself as barred by limitation u/s 153, holding that the exclusion under Explanation-1 to section 153 is only for the actual period lost during the limitation period and cannot automatically extend the assessment by the full 180 days. Since the seized material was handed over on 11.05.2023, only 41 days falling within the limitation peri...