ITAT remands Case Back to AO for Re-Assessment, due to Lack of Proper Procedure in Capital Gains Adjustment

The Income Tax Appellate Tribunal (ITAT) has remanded a case to the Assessing Officer (AO) for reassessment due to improper procedure regarding the adjustment of capital gains. The case involved a taxpayer who contested the capital gains adjustment, arguing that the procedure followed by the tax authorities was incorrect. The ITAT agreed with the taxpayer's contention and directed the AO to reassess the case using the proper method. This ruling emphasizes the need for strict adherence to procedural norms in tax assessments, particularly when it comes to the adjustment of capital gains, ensuring fairness and accuracy in the process.