ITAT Quashes Assessment as Jurisdictional AO Did Not Issue Section 143(2) Notice

Advertisement Hillman Hosiery Mills Pvt. Ltd. Vs DCIT (ITAT Kolkata) The appeal before the Income Tax Appellate Tribunal, Kolkata Bench, arose from the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2013-14. The assessee had filed its return declaring total income of Rs. 39,41,690. During assessment under section 143(3), the Assessing Officer made an addition of Rs. 5.40 crore as unexplained cash credits under section 68 in respect of unsecured loans received from 32 parties and also disallowed interest of Rs. 44,65,805 relating to those loans. The Commissioner (Appea...