ITAT Upholds Deletion of Bogus F&O Loss Additions; Post-Search Reports Cannot Justify 153A

ACIT Vs Akshat Vinimay Private Limited (ITAT Mumbai)

ITAT Mumbai upholds deletion of bogus F&O loss addition – No incriminating material found during search, Project Falcon report is post-search & cannot justify 153A additions in an unabated year

Assessee originally filed its return declaring ₹7.71 lakh. Assessment u/s 143(3) was completed in 2016 determining income at ₹63.47 lakh. A search u/s 132 was conducted on 22.03.2018. Since the original assessment was already completed, AY 2014-15 became an unabated/completed year on the date of search

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