ITAT Remands Capital Gains addition Case to CIT(A) for Re-Examination

Aastha Educational Society Vs CIT (ITAT Delhi) In the case of Aastha Educational Society Vs CIT (ITAT Delhi), the Income Tax Appellate Tribunal (ITAT) addressed an appeal for the assessment year 2015-16, stemming from a National Faceless Appeal Centre (NFAC) order. The primary issue was the disallowance of the assessee’s claim for exemption under section 11(1A) of the Income-tax Act, 1961, leading to a capital gains addition of Rs. 1.81 crore. The CIT(DR) argued that both the lower authorities were correct in upholding the addition, and presented findings that suggested the disallowance ...