Writ Petition Dismissed as Section 53A cannot Establish Ownership for Depreciation Claim

Seyadu Beedi Company Vs ACIT (Madras High Court) The petitioner, a partnership firm, challenged an assessment order dated 27.03.2024 for Assessment Year 2022-23 and consequential penalty orders issued under Sections 270A and 271AAC of the Income-tax Act, 1961. The firm had filed its return declaring income of ₹23.37 crore. During scrutiny proceedings, the Assessing Officer sought information regarding seven properties valued at ₹3.60 crore that had been reflected as assets in the firm’s books. The petitioner explained that the properties originally belonged to a deceased individual, whos...