ITAT: CIT(A) Cannot Bypass Rule 46A; If Property Is Stock-in-Trade, Section 43CA Must Also Be Examined

Advertisement ITO Vs Narne Constructions Private Limited (ITAT Hyderabad) ITAT: CIT(A) Cannot Bypass Rule 46A; If Property Is Stock-in-Trade, Section 43CA Must Also Be Examined The Hyderabad ITAT set aside the order of the CIT(A) after holding that he had admitted additional evidence behind the back of the Assessing Officer and granted relief without following the mandatory procedure prescribed under Rule 46A. The Tribunal observed that annual reports and financial statements relied upon by the CIT(A) to conclude that the land was held as stock-in-trade were filed for the first time in appe...