ITAT Visakhapatnam Grants Final Opportunity to Assessee on LTCG Adjustment

Shamrock Apparels Vs ITO (ITAT Visakhapatnam) The Income Tax Appellate Tribunal (ITAT) Visakhapatnam has remanded the case of Shamrock Apparels vs. ITO back to the Commissioner of Income Tax (Appeals), or CIT(A), granting the assessee a final chance to present its case. The appeal was filed by Shamrock Apparels, a partnership firm, challenging an adjustment of ₹31.22 lakh made to its Long-Term Capital Gains (LTCG) during the Centralized Processing Center (CPC) assessment for the assessment year 2023-24. The CPC, while processing the firm’s income tax return, calculated the LTCG at a highe...