Revisional Order does not specify reason Why Assessment Order allowing 15% Exemption for Income from Govt Grants is Erroneous: ITAT Quashes Order [Read Order]

Revisional Order-15% Exemption -ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), while quashing an order passed under section 263 of the Income Tax Act, 1961 has held that the order has not stated any specific reason why the assessment order allowing an exemption of 15% for the income from Government grants is erroneous or prejudicial to…

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