Assessing Authority exceeds Jurisdiction for making Assessment in respect of Acquisition of the Property: ITAT Deletes Addition [Read Order]

Assessing Authority - Jurisdiction - Assessment - Acquisition -Property - Acquisition of the Property - ITAT - taxscan

The Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the Assessing officer exceeded jurisdiction for making assessment in respect of acquisition of the property and deleted the addition made by the assessing officer. Assessee Madhusoodan Paliwal’s return of income was was selected for limited scrutiny for the having large cash…

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