Agricultural Expenditure Adequacy Not verified by AO u/s 143(3), Revenue interests not sustainable: ITAT quashes Assessment Order [Read Order]
The agricultural receipts and the issue of adequacy of agricultural expenditure were not verified by the assessing officer under Section 143(3) of Income Tax Act, 1961.
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has quashed the assessment order after finding that the Assessing Officer ( AO ) failed to verify the adequacy of agricultural expenditure under Section 143(3), of the Income Tax Act, 1961 stating that it is not sustainable in the interest of revenue. The…
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