Summary
- The ITAT Delhi has quashed interest additions under Section 153A for Granite Gate Properties Pvt. Ltd., citing a lack of incriminating material from a 2013 search.
- The Tribunal ruled that completed assessments cannot be disturbed without new evidence, referencing several Supreme Court and High Court decisions.
- It also found the interest rate on Fully and Compulsorily Convertible Debentures reasonable at 16%, rejecting the TPO's adjustment to 12.25%.
- This ruling reinforces the necessity of incriminating evidence in tax assessments post-search, potentially impacting future cases involving completed assessments.
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