ITAT Hyderabad Directs CIT(A) to Reconsider ₹3.56 Cr Undisclosed Transactions

Sankarlal Naik Karamsi Vs ITO (ITAT Hyderabad) Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the order dated October 3, 2024, passed by the learned Commissioner of Income Tax (Appeals)-NFAC Delhi, concerning the Assessment Year 2016-17, in the case of Sankarlal Naik Karamsi versus the Income Tax Officer (ITO). The appeal was filed by the assessee against the CIT(A)’s order, which had upheld the assessment made by the AO under Section 147 read with Sections 143(3) and 144B of the Income Tax Act, 1961. The case originated from information flagged under the ‘No...