ITAT Orders Fresh Verification on Cash Deposits and Property Purchase Additions

Chandrakant Nemasao Palsapure Vs ITO (ITAT Nagpur) The appeal concerns the order passed by the CIT(A)/National Faceless Appeal Centre for Assessment Year 2017–18 arising from reassessment proceedings under sections 147, 144 and 250 of the Income Tax Act, 1961. The assessee originally filed a return disclosing income of ₹4,81,690. The Assessing Officer initiated reassessment proceedings after receiving information that the assessee purchased immovable property worth ₹37,82,000 during the financial year and that the transaction was below market value, making section 56(2)(vii)(b) applicabl...