Reassessment Restored for Fair Hearing; Penalties u/s 271(1)(b) & 271(1)(c) Deleted

Manoj Arjun Nasta Vs ACIT (ITAT Mumbai) NRI Not Aware of Notices: Mumbai ITAT Restores Reassessment & Deletes Penalties u/s 271(1)(b) & 271(1)(c) Tribunal heard three connected appeals, one relating to the quantum reassessment u/s 147 r.w.s. 144 &  two arising from penalties u/s 271(1)(b) & 271(1)(c). AO had made an addition of ₹62,00,000/- treating investment in an immovable property as unexplained. Assessee submitted that he had been an NRI for several decades, permanently employed abroad, earning only foreign income, &  therefore was not filing returns in India. Cons...