ITAT directs AO to Examine LTCG and Provide Fair Opportunity to Assessee

Nikanth (Narol) Co-op. Shops & Off Society Limited Vs ITO Ward-1(1)(1) (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has overturned an ex-parte tax assessment and the subsequent dismissal of an appeal concerning Nikanth (Narol) Co-op. Shops & Off Society Limited. The tribunal has directed the case be sent back to the Assessing Officer (AO) to allow the society a proper opportunity to present its position, conditional on the society paying a penalty for previous failures to cooperate. The dispute for the Assessment Year 2018-19 began after the AO initiated reas...