Relief to Amazon Textiles: ITAT allows Suo motto Disallowance as Disallowance should not Exceed Exempt Income [Read Order]

Relief to Amazon Textiles - ITAT - Suo motto Disallowance - Disallowance - Exempt Income - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Amazon Textiles allowing suo motto disallowance as disallowance should not exceed the exempt income. The assessee, Amazon Textiles Pvt. Ltd, in the present case was a private limited company and had filed its return of income declaring income from capital gain and…

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