CIT(A) Erred in Applying Merger Doctrine – Matter Remanded to AO

Capital Fortunes Pvt. Ltd. Vs DCIT (ITAT Hyderabad) ITAT Hyderabad  remanded the matter to AO for de novo adjudication after holding that dismissal of appeal by First Appellate Authority on mere technical ground was not justified. Assessee filed its return on 15.02.2021 declaring income of Rs.4,07,82,230/-. CPC processed return u/s 143(1) on 24.12.2021 determining income at Rs.5,53,67,690/- by denying set-off of brought forward loss of Rs.1,42,70,219/-, disallowing exemption of Rs.2,58,564/- on dividend & making addition of Rs.56,673/- towards employees’ contribution to PF.  Assessee f...