Sec 69 of Income Tax Act not applicable when amount represents Sale Proceeds realized by Company: ITAT [Read Order]

Income Tax Act - Income Tax - Tax - Company - Sale - Sale Proceeds - ITAT - Taxscan

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ), ruled that Sec 69 of the Income Tax Act, 1961 not applicable when amount represents sale proceeds realized by company. The present appeal relates to the addition of Rs.10 lakhs made by the Assessing Officer and confirmed by the CIT(A) on account of…

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