ITAT upholds CIT (A) Ruling deleting Addition Made by AO on Bogus LTCG Due to Lack of Inquiry [Read Order]
The bench observed that the CIT(A)'s decision was consistent with the precedents set by the Bombay High Court in PCIT vs. Ziauddin A Siddique and the co-ordinate bench in Srichand Chaturmal (HUF) (supra)
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the revenue’s appeal, upholding the Commissioner of Income Tax (Appeals) [ CIT(A) ]’s decision to delete the addition made by the Assessing Officer ( AO ). The ITAT noted that the AO had not found any issues with the documents provided by…
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