ITAT Mumbai Dismisses Tax Appeal Due to Revised Monetary Limit

ITO Vs Old Girtonians Association Property Fund (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai dismissed an appeal by the Income Tax Department against the Old Girtonians Association Property Fund regarding assessment year 2016-17. The appeal challenged the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] from the National Faceless Appeal Centre (NFAC), Delhi, which had quashed the reassessment proceedings initiated under Section 148 of the Income Tax Act, 1961. The department contended that the CIT(A) incorrectly quashed the reassessment, arguing that the fund’s acti...