Appeal Non-Maintainable – Lower Tax Effect – Circular 9/2024: Rajasthan HC

CIT Vs Satish Kumar Agarwal (Rajasthan High Court) The Rajasthan High Court in CIT vs Satish Kumar Agarwal dealt with an appeal from the Income Tax Department, challenging a ruling by the Income Tax Appellate Tribunal (ITAT), Jaipur. The case arose from the assessment of the respondent for the year 2015-16, where a deduction under Section 54B of the Income Tax Act was disallowed. The assessment was revised under Section 263, contending that Section 50-C should have been invoked. The ITAT ruled in favor of the respondent, and the department appealed, citing an audit objection and exceptions und...