No Material Found during Search: ITAT deletes Addition made by AO u/s 41(1) [Read Order]

ITAT deleted the addition made by AO under Section 41(1) of the ITA with respect to the impunged amount of Rs. 1,94,18,130/-
By Saagarika Gopinath - On August 22, 2024 12:28 pm - 2 mins read
TAT - Income Tax Appellate Tribunal - ITAT in bangalore - AO - Assessing Officer - Section 41(1) - ITAT deletes Addition - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) in a recent ruling deleted the addition that was made by the Assessing Officer (AO) under Section 41(1) of the Income Tax Act, 1961, in respect to the impugned amount of Rs. 1,94,18,130/-. In this case, the assessee, Niyaz Sea Foods, is a partnership business…

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