Section 69 Addition Reduced as Assessee Produced Evidence of Agricultural Income & Investments

Rachna Ashokbhai Desai Vs National Faceless Assessment Centre (ITAT Surat) The ITAT Surat partly allowed the assessee’s appeal relating to an addition of ₹15.90 lakh made under Section 69 read with Section 115BBE in respect of investments in mutual funds and insurance policies. The assessee had not originally filed a return for AY 2013-14, and reassessment proceedings were initiated after information indicated investments aggregating ₹47.59 lakh. The assessee explained that the investments were funded through agricultural income, gifts received on engagement and marriage, and other discl...