Inaccurate Share Transaction Reporting: ITAT directs Reassessment, upholds PCIT’s Order u/s 263 of Income Tax Act [Read Order]
The Tribunal observed that the AO did not adequately investigate the discrepancies in the Assessee’s return, particularly the omission of significant transactions involving the sale of shares in ECL and Saya. It was concluded that the AO’s failure to examine these transactions rendered the assessment order erroneous and prejudicial to the Revenue’s interests
By Varda Marakkar - On August 28, 2024 11:01 am - 4 mins read
Recently, Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad directed for reassessment of an Assessee’s case, noting that there were inaccuracies in reporting share transactions in the relevant assessment year. Consequently, the lower authority’s order passed under section 263 of the Income Tax Act 1961 ( ITA ) was upheld. The Assessee, Suresh Kantilal…
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