ITAT Chennai Remands Reassessment on Capital Gains & Section 44AD Additions

Chakrapani Nagarajan Vs ITO (ITAT Chennai) The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated an appeal filed by the assessee against the order of the National Faceless Appeal Centre (NFAC)/CIT(A) for the Assessment Year (A.Y.) 2018-19. Procedural Matters and Facts of the Case The appeal was filed with a delay of 63 days. The assessee submitted an affidavit requesting condonation of the delay, citing the ill health of their son and other personal problems, as well as their Chartered Accountant’s travel, which led to a delay in filing the appeal. The Tribunal, findi...