CIT(A) Order Lacks Reasoning: ITAT Quashes ₹2.53 Cr LTCG Addition, Orders Fresh AO Assessment

The ITAT (Income Tax Appellate Tribunal) has quashed a ₹2.53 crore Long Term Capital Gain (LTCG) addition and ordered a fresh assessment by the AO, citing a lack of proper reasoning in the CIT(A)'s order. The tribunal found that the Commissioner of Income Tax (Appeals) had not adequately addressed the grounds raised by the assessee or provided sufficient justification for upholding the LTCG addition. This decision underscores the importance of a well-reasoned and speaking order at every appellate stage, ensuring that appellate authorities apply their mind to all arguments presented.