ITAT upholds NFAC Order for Recomputation of Income as ‘Capital Gains’ due to Improper Classification u/s68 r.w.s. 115BBE [Read Order]

ITAT gauged the chances of any infirmity in the Order passed by the Assessing Officer
By Avinash Kurungot - On October 17, 2024 11:28 am - 3 mins read
ITAT - ITAT Upholds - NFAC - Capital Gains - NFAC Order - Taxscan

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam recently upheld an order passed by the Commissioner of Income Taxes – National Faceless Appeals Centre (CIT(A)-NFAC) directing an Assessing Officer (AO) to recompute the Income declared by Assessee as ‘Capital Gains’ under Section 68 read with Section 115BBE of the Income Tax Act, 1961. The decision was…

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