Case Law Details
Case Name : Assistant Commissioner of Income Tax Vs. Srj Peety Steels (P) Ltd. (ITAT Pune)
Related Assessment Year : 2000- 01 to 2006- 07
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Assistant Commissioner of Income Tax Vs. Srj Peety Steels (P) Ltd. (ITAT Pune) – When noting incriminating was found in the course of search relating to any of the assessment years, the assessments for such years could not be disturbed; further, consumption of the electricity for the manufacture of mild steel ingots / billets depends on various factors and the AO did not attempt to establish a direct nexus between production and electricity consumed and therefore no addition was called for.
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IN THE INCOME TAX APPELLATE TRIBUNAL
Pune Bench B, Pune
Before Shri Shailendra Kuma...
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Dear Sir
it would be helpful, if there is any decision of the High Court/ITAT that where no material was found for any assessment year, no assessment can be made on the basis of extrapolation. Kindly intimate. This will be helpful to many taxpayers as department is indiscriminately extrapolating the undisclosed receipts on the basis of some material found for other year.
Regards
G C Das