ITAT Directs AO to Verify Claim of Fabricated Financial Statements of Assessee

ITO Vs Kali Infra Pvt. Ltd. (ITAT Chennai) Introduction: The case of ITO Vs Kali Infra Pvt. Ltd. revolves around the dispute arising from the assessment year 2013-14. The Revenue has filed two appeals against the order of the Commissioner of Income Tax (Appeals)-8, Chennai, dated 04.01.2018. Detailed Analysis: The assessee company, engaged in infrastructure development, declared a total loss of Rs. 2,02,036/- for the assessment year 2013-14. During the scrutiny, the Assessing Officer (AO) noticed a claim of Rs. 15.09 Crs as ‘share application money’ pending allotment. Despite reque...