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ITAT Restores Protective Addition as Substantive Addition Had Not Attained Finality
Case Law Details
- Case Name
- ITO Vs Issan Overseas Pvt. Ltd (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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ITO Vs Issan Overseas Pvt Ltd (ITAT Ahmedabad)
The Income Tax Appellate Tribunal (ITAT), Ahmedabad, partly allowed the Revenue’s appeal concerning Assessment Year 2014-15. The dispute arose from proceedings initiated following investigations into transactions conducted on the National Spot Exchange Ltd. (NSEL) platform. The assessee had originally filed a return declaring a loss of ₹5,00,031. However, the Assessing Officer completed the assessment under Sections 144 read with 153C of the Income-tax Act, determining income at ₹4,22,50,296. This included a protective addition of ₹2,7...
