Residential Status Dispute: Assessee’s Victory in ITAT Mumbai

ACIT Vs Nishant Kanodia (ITAT Mumbai) Introduction: In a recent decision by the Mumbai Income Tax Appellate Tribunal (ITAT), the case of ACIT vs. Nishant Kanodia (ITA no.2155/Mum/2023) for the assessment year 2013-14 took center stage. The dispute revolved around the residential status of the individual assessee, and the ITAT’s ruling brought forth a significant victory for the taxpayer. Detailed Analysis: The crux of the matter involved a search and seizure action related to Matix (Nishant Kanodia) Group. The Assessing Officer (A.O.) contested the non-resident status claimed by the as...