AO wrongly invoked Section 50C (1) of Income Tax Act: ITAT dismisses Appeal [Read Order]

AO – wrongly - invoked - Income - Tax – Act – ITAT - dismisses - Appeal - TAXSCAN

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) has wrongly invoked Section 50C (1) of the Income Tax Act, 1961. The Assessee, Lachu Ram case was reopened under Section 147 of the Income Tax Act on the basis of information received from the Income Tax Officer (Intelligence),…

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