Section 50C Addition Cannot be Made by CPC Under Section 143(1)

Prabha Anil Gandhi Vs ADIT (ITAT Mumbai) Prabha Anil Gandhi vs. ADIT (ITAT Mumbai): ITAT rules on CPC’s jurisdiction, Section 50C adjustments, and processing under section 143(1). The recent case of Prabha Anil Gandhi Vs. ADIT (ITAT Mumbai) brings to light an essential aspect regarding the jurisdiction of the Centralized Processing Centre (CPC) in making additions under section 50C of the Income Tax Act, 1961. The case pertains to the Assessment Year 2019-20, where the Assessing Officer (CPC) proposed an addition under section 50C during the processing of the return u/s. 143(1) of the Ac...