Addition without considering Submission of Assessee: ITAT directs CIT(A) to re-adjudicate

Naresh Kumar & Sons HUF Vs ITO (ITAT Raipur) In the case of Naresh Kumar & Sons HUF vs. ITO (ITAT Raipur), the main issue involves the determination of the nature of the assessee’s business and the resulting addition made by the Assessing Officer (AO) under section 44AD of the Income Tax Act, 1961. Background: The assessee, a Hindu Undivided Family (HUF), filed its return of income for the assessment year 2015-16, declaring an income of Rs. 2,60,160. The case was selected for scrutiny assessment under section 143(2) of the Income Tax Act. AO’s Observations: The AO observed ...