Protective Addition of ₹14.91 Cr u/s 69 Struck Down Due to Invalid u/s 153C Jurisdiction

ACIT Vs Ramasamy Rajasehar (ITAT Chennai) 153C assessment quashed for want of year-wise satisfaction; protective addition of ₹14.91 Cr u/s 69 deleted as no substantive addition existed in companies’ hands In this appeal by the Revenue & the Cross-Objection filed by Assessee, the Tribunal examined the legality of a protective addition of ₹14.91 Crores made u/s 69 towards alleged unexplained investments in Vasan Construction Company Pvt Ltd & DS Builders Pvt Ltd based solely on loose sheets seized during search on the Dhanalakshmi Srinivasan Group. The Assessee, a former employee a...