Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons: ITAT upholds Reassessment u/s 147 of Income Tax Act [Read Order]

By Fathima Karama A.M - On September 15, 2023 8:30 am - 2 mins read
Sufficiency - Sufficiency or Correctness of Material - Sufficiency or Correctness of Material need not be Considered at the Stage of Recording Reasons - ITAT - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the reassessment under Section 147 of the Income Tax Act 1961, as the sufficiency or correctness of material need not be considered at the stage of recording reasons. The assessee, M P Ferrous and Non Ferrous India Pvt. Ltd was a dealer in ferrous…

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