Failure of AO to conduct Proper Inquiry in source of Fresh Capital: ITAT directs AO to conduct Fresh Assessment based on available Evidence [Read Order]

ITAT directed the Assessing Officer to conduct a fresh assessment due to the inadequacy of the inquiry into the source of fresh capital
By Aiswarya Krishnadas - On January 23, 2024 6:29 pm - 2 mins read
ITAT Delhi - Income Tax - ITAT on Source of capital - Evidence based on tax assessment - Source of Fresh Capital - AO Inquiry Failure - taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to conduct a fresh assessment due to the inadequacy of the inquiry into the source of fresh capital. The counsel for the assessee K.P Garg highlighted that subsequent to the issuance of the assessment order on…

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