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No Incriminating Material, No 153A Additions: ITAT Quashes ₹2.71 Cr
Case Law Details
- Case Name
- DCIT Vs Rajesh Auto Merchandise Private Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Rajesh Auto Merchandise Private Limited (ITAT Kolkata)
Revenue filed appeal with a delay of 17 days, which was condoned. The only dispute was whether additions made by AO in a 153A assessment for an unabated year could survive without any incriminating material found during search.
A search u/s 132 was conducted on 25.09.2020. On the date of search, no assessment was pending for AY 2013-14. Time limit for issue of notice u/s 143(2) had expired, thus the assessment stood completed/unabated.
AO made two additions u/s 153A:
₹1,92,00,000 – Foreign exchange fluctuation loss (disallowed...
Author Info
