ITAT Protects Assessee from Erroneous Double Taxation Due to Audit Report Error

ITO Vs Asok Kumar Jain (ITAT Kolkata)

Substance Over Form: ITAT Protects Assessee from Erroneous Double Taxation Due to Audit Report Error

Kolkata ITAT dealt with an appeal filed by the Revenue against the order of CIT(A), Thiruvananthapuram, relating to AY 2021-22. CPC had processed the return u/s 143(1) & made an addition of ₹2.63 crore by treating capital receipts reported in Point 16 of the Tax Audit Report as taxable “other income”. Assessee explained that this was an inadvertent reporting error, since the receipts mainly consisted of share of

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