Shorya Trading Company Pvt. Ltd. vs. ACIT
Parties Involved
Facts Summary
The assessee, Shorya Trading Company Pvt. Ltd., filed its return of income for Assessment Year 2017-18 declaring a total income of Rs. 870/-. Subsequently, proceedings under section 153A were initiated by the department, and an assessment was completed on 31.12.2019 under section 143(3) read with section 153A(1)(b) of the Act, adding Rs. 8,10,000/- as unexplained cash credits under section 68. The assessee appealed this order before the Ld. Commissioner of Income Tax (Appeals)-3, Gurgaon, which was dismissed. The assessee then filed the present appeal before the tribunal, contending that no search under section 132 was conducted, and only a survey under section 133A was carried out, hence no proceedings under section 153A could be initiated.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether a search under section 132 was conducted on the assessee to justify proceedings under section 153A.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
16 precedents cited in this judgement.
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