ITAT sends 2023-24 tax assessment back for fresh consideration
GUFICBIO · price
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The Income Tax Appellate Tribunal, Mumbai set aside the findings of the Commissioner of Income Tax Appeals for 2023-24 and sent the matter back for fresh assessment. The original tax demand was Rs 11.89 crore, later reduced to Rs 11.76 lakh. Both the tax department's appeal and the company's cross-objection were allowed for statistical purposes.
No immediate tax demand arose, and operations are unaffected. Final tax liability remains uncertain until the fresh assessment is completed.