ITAT remands Rs 4.73 Crore Capital Gains Disallowance Appeal to CIT(A)

Thirupathi Rao Naineni Vs ITO (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, has remanded a case involving assessee Thirupathi Rao Naineni back to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh consideration of a substantial long-term capital gains disallowance. The assessee had challenged the sustained addition of Rs. 4,73,23,952/- related to the sale of immovable properties during Assessment Year 2017-18. The dispute originated from the assessee’s failure to file a return of income for AY 2017-18. The Income Tax Department initiated reassessmen...