Quiz for the week (28 Sep 2026) :
Mithun & Co LLP filed its ITR for the assessment year 2022-23 declaring total income of Rs.12 lakhs. The case was selected for scrutiny and notice under section 143(2) was served. The case was completed with addition of Rs.75 lakhs by way of addition under section 68 (i.e.) cash credit. The tax was computed under section 115BBE. Demand notice under section 156 was issued for Rs. 66,50,000 (inclusive of interest). The assessee filed appeal and got 100% relief before CIT (Appeals). The revenue filed appeal before ITAT. Is it a valid appeal considering the 'tax effect'.
Share your thoughts on or before 05.10.2026.