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Laptop Data Alone Cannot Justify Reopening u/s 148: Excel Sheets Not Books or Assets
Case Law Details
- Case Name
- Exel Rubber (P) Ltd Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Hyderabad
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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...
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