ITAT Quashes Section 153C Assessments as Proceedings Were Barred by Limitation

Anand Jhalani Vs Central (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur, decided four appeals filed by the assessee for Assessment Years 2013-14 to 2016-17 arising from orders of the Commissioner of Income Tax (Appeals). The principal issues related to the validity of proceedings initiated under Section 153C of the Income Tax Act, limitation, additions under Section 69A for alleged unaccounted loans, estimated interest income, and application of Section 115BBE. As the facts were common, the Tribunal disposed of all appeals through a common order. The dispute originated from a s...