ITAT deletes Rs. 14 Lakhs Addition made by AO due to Misreported Property Transaction Details [Read Order]

The tribunal found the CIT(A)’s dismissal of the appeal under section 249(4) erroneous, as the advance tax requirement was irrelevant due to the disputed addition
By Sneha Sukumaran Mullakkal - On September 11, 2024 12:26 pm - 2 mins read
ITAT Bangalore - ITAT - Income Tax Appellate Tribunal - AO - Assessing Officer - section 69A of Income Tax Act - Misreported Property - Transaction Details - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakhs addition made by the Assessing Officer ( AO ) under section 69A of Income Tax Act,1961. The addition was based on incorrect information regarding a property transaction, where the AO mistakenly recorded the purchase price as Rs. 45 lakhs…

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