Laptop Data Alone Cannot Justify Reopening u/s 148: Excel Sheets Not Books or Assets

Exel Rubber (P) Ltd Vs ACIT (ITAT Hyderabad) Laptop Data of Accountant Cannot Justify Reopening u/s 148- Seized Excel Sheets Not ‘Books’ or ‘Assets’ -ITAT Hyderabad Quashes Reopenings -Only Net of Receipts & Payments Can Be Undisclosed Income, Not Gross Figures These five appeals by Exel Rubber (P) Ltd challenged the reopening of assessments u/s 147/148 pursuant to a search & seizure operation on the Exel Group on 04.01.2023. AO issued notices u/s 148 for AYs 2015-16 to 2019-20 relying on data allegedly extracted from the laptop of the Group’s Sr. Accounts Manager, Shri Rames...