No Finding by CIT(A) against Claim u/s 56(2)(viib): ITAT remands Revision Order for Re-examination of Qualification as Venture Capital [Read Order]

ITAT bench remanded the matter to the AO for verification of the assessee's claim under section 56(2)(viib), ensuring due process
By Saagarika Gopinath - On October 5, 2024 10:31 am - 2 mins read
ITAT - Income Tax - ITAT Chandigarh - CIT Against Claim - TAXSCAN

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the revision order for the re-examination of qualification as venture capital as there was no finding by the Commissioner of Income Tax (Appeals) [CIT(A)] against the claim of the assessee under Section 56(2)(viib) of the Income Tax Act, 1961. In this case,…

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