Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]
The tribunal noted that the CBDT Circular No. 11 of 2019 allows for set-off of losses against additions under section 68, making such additions tax-neutral
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the Commissioner Of Income Tax(Appeals)[ CIT(A)] order, observing that the reopening of assessment was based on incorrect facts and directed the Assessing Officer ( AO ) to delete the addition made under section 68 read with section 115BBE of the Income tax…
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