Survey-Based 68 Addition: ITAT Restores Appeal After Ex-Parte NFAC Order

Olympia Fitness Private Limited Vs ITO (ITAT Delhi) AO made addition of ₹36,70,229 treating undisclosed turnover as income u/s 68 based on statement recorded & impounded material from survey u/s 133A. CIT(A)/NFAC passed ex-parte order after four hearing dates, three of which involved Assessee’s adjournment requests, & no adjournment on the last date. Assessee argued before Tribunal that they sought inspection of impounded material forming basis of addition & could not effectively contest before CIT(A). Tribunal held that, considering request for inspection & overall facts,...