ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, GUWAHATI vs. FORTUNE VANIJYA PRIVATE LIMITED, GUWAHATI
In the result both the appeal of the Revenue and the cross objections of the assessee stands partly allowed
ITA 21/GTY/2021[2011-12]Status: DisposedITAT Guwahati10 Dec 2021AY 2011-12
Bench: Shri P.M. Jagtap, Hon’Ble V.P (Kz) & Shri A. T. Varkey, Jm]
Section 132Section 132(4)Section 142(1)Section 153ASection 153CSection 68
69B of the Act. So, therefore, according to Shri Dudhwewala, since the AO did not make any addition on account of escaped income represented in form of undisclosed/unaccounted asset, the AO could not have made any other addition, in respect of cash credit u/s. 68 of the Act. For this, he relied on the ratio of the decisions rendered
