MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

depreciation and interest on the Term Loan. It is a settled law that when section 153A of the Act is invoked, the reopening of an unabated assessment can be made only on the basis of incriminating material for that assessment year. In the instant case, there is no dispute that the assessment is unabated and the Ld. AO has merely