Reassessment Notice Upheld Because AO Followed CBDT and SC Directions

Ananda Aqua Exports Vs ITO (ITAT Visakhapatnam) The appeal before the Income Tax Appellate Tribunal (ITAT), Visakhapatnam, was filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, dated 10 October 2024 for Assessment Year (AY) 2017-18. The order under challenge arose from an assessment order dated 23 May 2023 passed under Sections 143(3) read with 147 of the Income Tax Act, 1961. The assessee had originally filed its return of income declaring a loss of ₹2,22,563. The case was selected for scrutiny primarily because the assesse...