For recomputing income correctly u/s 153A no incriminating material necessary and AO can make corrections after giving opportunity to the assessee.
ABCAUS Case Law Citation:
ABCAUS 2712 (2019) (01) ITAT
In this case, the assessee had filed additional ground along with petition for admission of additional ground.
The contention of the assessee for admission of the additional ground was that the assessment in his case was made u/s 153A consequent to search u/s 132 of the Income Tax Act, 1961 (‘Act’) and the addition was made not on the basis of seized material, thus, the addition made by the Assessing Officer (AO) without having the seized material was unsustainable and required to be deleted.
The Tribunal admitted the additional ground as it was purely related to the legal issue and no enquiry was required to be made.
The Tribunal noted that the AO had not made any addition and only recomputed the income correctly.
The Tribunal opined that for recomputing the income correctly no incriminating material is necessary and the AO is permitted to make the corrections during the proceedings after giving opportunity to the assessee.
Accordingly, the additional ground was dismissed.
Addition u/s 40A(3) for cash payment to labour for loading charges deleted by ITAT In a recent judgment, the ITAT…
Addition u/s 68 deleted as AO failed to find any discrepancy in details of creditors submitted by the assessee In…
Jharkhand Rajya Gramin Bank - Empanelment of retired officers of banks as Concurrent auditors on contract basis Jharkhand Rajya Gramin…
Book Profit u/s 115JB to be computed as per Profit & Loss Account prepared under Schedule III of the Companies…
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…