Madras HC quashes I-T Assessment Order adding Rs. 16Cr Unexplained Expenditure without Providing Reasonable Time, Orders Portal Reopening [Read Order]

The court opined that without providing reasonable time to the petitioner, the proposed variation was confirmed
By Navasree A.M - On May 10, 2024 7:33 pm - 2 mins read
Madras HC - I-T Assessment Order - Unexplained Expenditure - Reasonable - Orders Portal Reopening - TAXSCAN

The Madras High Court directed the Income Tax department to open the portal for the petitioner. The bench quashed the assessment order adding Rs. 16 crores as unexplained expenditure without providing reasonable time to explain. The petitioner, Imperial Shipping Service, who had filed the return of income for the assessment year 2022-23 on 30.12.2022, with…

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