M/s. Atria Wind (Kadambur) Private Limited vs. DCIT

Parties Involved

Facts Summary

This case involves an appeal filed by the assessee, M/s. Atria Wind (Kadambur) Private Limited, challenging the order of the Commissioner of Income Tax (Appeals) dated 30.03.2024 for the assessment year 2017-18. A search was conducted under section 132 of the Income Tax Act, 1961, and certain records were seized. The assessee filed a return of income declaring a loss, which was challenged by the Department of Income Tax. The assessee argued that the search was illegal, and the assessment order was bad in law. The assessee also contested the addition of long-term capital gains on the conversion of a partnership firm into a private limited company.…

Legal Issues

• 1. Whether the search conducted under section 132 of the Income Tax Act, 1961, was legal and the assessment order was valid?
• 2. Whether the addition of long-term capital gains on the conversion of a partnership firm into a private limited company was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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