ITAT Rejects Section 143(1) Adjustment for Lack of Mandatory Prior Intimation

Advertisement DCIT Vs National Stock Exchange Investor Protection Fund Trust (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, decided two Revenue appeals together because both involved common issues relating to assessment years 2020-21 and 2021-22. The appeals challenged the orders of the Commissioner of Income-tax (Appeals) [CIT(A)], who had deleted adjustments made by the Centralized Processing Centre (CPC) under Section 143(1) of the Income-tax Act and allowed exemption claimed under Section 10(23EA). For Assessment Year 2020-21, the Revenue argued that the CIT(A) wrongly ...