Reassessment without Tangible Material Invalid: ITAT deletes Rs.10 Lakh Cash Credit Addition [Read Order]
The Tribunal observed that there was no proper reason to believe that the income to the tune of Rs. 10 lakh had escaped the assessment and held that the reassessment was based on borrowed satisfaction
By Franklin Joshva - On April 10, 2025 7:37 pm - 2 mins read
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) deleted an addition of Rs. 10 lakh made under Section 68 of the Income Tax Act, 1961, holding that the reassessment was carried out without any tangible material. M/s. Shroff Properties Pvt. Ltd., (assessee) filed return of income for the Assessment Year 2010-11. The case…
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