CIT(A) should have admitted alternate claim of Section 54 Exemption: ITAT Delhi

Amit Gupta Vs ACIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], Faridabad, in the case of Amit Gupta Vs ACIT, pertaining to Assessment Year 2009-10. The ITAT has remanded the case back to the CIT(A) for fresh adjudication, directing a speaking order on the validity of the assessment reopening under Section 147 of the Income Tax Act, 1961, and the admissibility and merits of the deduction claimed under Section 54F of the Act. The dispute originated from the assessment year 2009-10, for which t...