Notional Addition on Alleged Understatement of Sales — Held Without Authority of Law

Vestas Wind Technology India Private Limited Vs JCIT (ITAT Chennai) Notional Addition on Alleged Understatement of Sales — Held Without Authority of Law The assessee sold 15 WTGs to its subsidiary companies for ₹134.72 crores, whereas the AO compared third-party prices (average about ₹10.68 crores per WTG) and adopted a notional sales value of ₹160.34 crores, treating the difference of ₹25.60 crores as understatement of sales and adding it to income. The Tribunal held that the AO did not cite any provision of the Act empowering him to disregard actual sale consideration and substitut...