Account of inadvertent mistake or ignorance included in income any amount is exempt from Income Tax Act: ITAT [Read Order]

Account of inadvertent mistake or ignorance included in income any amount is exempt from Income Tax Act, rules, ITAT
By Aiswarya Krishnadas - On February 7, 2024 11:36 am - 2 mins read
ITAT Mumbai - Income Tax Act - Income Tax - ITAT ruling on income tax exemption - Ignorance in income tax filing - Taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that Account of inadvertent mistake or ignorance included in income any amount is exempt from Income Tax Act The assessing officer noted that the assessee, a private limited company, filed its income tax return for the assessment year 2015-16, declaring a loss…

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