ITAT Delhi Quashes Assessment Due to Invalid Manual Scrutiny Selection

Ajay Kumar Vs DCIT/ACIT (ITAT Delhi) In Ajay Kumar Vs DCIT/ACIT, the Income Tax Appellate Tribunal, Delhi, adjudicated an appeal challenging an assessment framed under sections 143(3) read with 263 of the Income-tax Act. The assessee had originally filed a return declaring income of ₹16.76 crore, including long-term capital gains (LTCG) of ₹8.74 crore from sale of shares. The case was selected for manual scrutiny through a notice under section 143(2) dated 25.09.2017, citing Para 1(i) of CBDT Instruction No. 5/2017. During assessment, the assessee furnished details supporting the LTCG clai...