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No Share Capital Additions in Absence of Incriminating Material: ITAT Raipur
Case Law Details
- Case Name
- ACIT Vs N.R Ispat & Power Pvt. Ltd (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Raipur
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ACIT Vs N.R Ispat & Power Pvt. Ltd (ITAT Raipur)
The Income Tax Appellate Tribunal (ITAT), Raipur Bench, in the case of ACIT vs N.R. Ispat & Power Pvt. Ltd. (ITA No. 06 to 10/RPR/2021 & CO Nos. 12 to 15/RPR/2022), ruled in favour of the assessee by quashing assessments and additions made by the Assessing Officer (AO) under Section 143(3) read with Section 153A of the Income Tax Act. The ITAT’s decision revolved around the critical finding that no incriminating material was found during the search proceedings under Section 132 of the Act conducted on 24.10.2017.
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