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HomeDirect TaxAssessment Order Passed Beyond Limitation Period Invalid; Rs. 287 Crore Addition Based...

Assessment Order Passed Beyond Limitation Period Invalid; Rs. 287 Crore Addition Based on Third-Party Seized Material Quashed: ITAT

Direct Tax

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By Mariya Paliwala
ITAT

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The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has granted major relief to Chennamaneni Mithun Chand by quashing an assessment order that had resulted in an addition of Rs. 287 crore under Section 56(2)(x) of the Income Tax Act.  The bench of Vijay Pal Rao (Vice President) and Manjunatha G. (Accountant Member) has…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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