Case Law Details
Case Name : JCIT Vs Sharmanji Yarns Pvt. Ltd. (ITAT Chandigarh)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Chandigarh
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JCIT Vs Sharmanji Yarns Pvt. Ltd. (ITAT Chandigarh)
Reopening Quashed: ITAT Holds Notice Invalid for Violation of Sec.151A & Wrong Sanction—58.68 Cr Bogus Purchase Addition Collapses
These cross-appeals arose from reassessment proceedings where the AO made a massive addition of Rs. 58.68 crore treating purchases from eight parties as bogus. CIT(A) restricted the addition to 9% estimation, resulting in appeals by both Revenue & Assessee.
At the threshold, Assessee raised two pure legal grounds:
(1) Notice u/s 148 issued by wrong authority (JAO instead of FAO)
The notice dated 30.03....
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