ITAT Criticises AO’s Inaction as Remand Reports & Upholds Section 54 Denial

Surbhi Khandelwal Vs DCIT (ITAT Delhi) ITAT criticizes recurring departmental indifference in responding to remand proceedings and sustains disallowance of deduction claimed under Section 54 Facts: A search action u/s 132 was conducted on 10.11.2017 at the premise of Shri Rajeshwar Singh Yadav and Group of cases. During the search, a locker No. 315 with State Bank of India, Agra, belonging to the assessee, a salaried employee in M/s Infineon Technologies India Pvt. Ltd., was found and seized. The assessee had filed its Return of Income on 29.04.2019 declaring income of Rs. 28,74,220/-. During...