ITAT upholds Reassessment of Company for land acquired by it before incorporation through Directors

Bagora Developers Pvt. ltd. Vs ACIT (ITAT Indore) In a recent appeal case between Bagora Developers Pvt. Ltd. and the Assistant Commissioner of Income Tax (ACIT) in the Indore region, a number of intriguing issues surrounding tax assessment came to the fore. The case, which pertained to the assessment year 2011-12, brought into question the validity of an assessment order, along with several other grounds raised by the Assessee. One of the primary contentions raised by the Assessee was the delay in filing the appeal, which amounted to 323 days. However, the Assessee filed an application for co...