ACIT Vs Sangeeta Ganpat Sawant (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) in Mumbai has recently delivered a significant ruling in the case of ACIT Vs Sangeeta Ganpat Sawant, addressing crucial issues related to undisclosed income and the computation of indexed cost. The decision, rendered on October 17, 2024, involves an appeal filed by the Revenue against the order issued by the Commissioner of Income Tax (Appeals) on June 13, 2024, concerning the assessment year 2018-19.
Background of the Case
Sangeeta Ganpat Sawant, the appellant in this case, is a medical professional whose tax return for the assessment year 2018-19 disclosed an income of ₹57,35,120. The return was selected for a comprehensive scrutiny, and the Assessing Officer (AO) issued statutory notices under sections 143(2) and 142(1) of the Income Tax Act, 1961. During the assessment process, the AO demanded detailed information regarding any immovable properties purchased or sold during the financial year.
The assessee informed the AO of a property purchase made on February 3, 2017, for ₹3 crore, with a stamp duty value set at ₹3,25,42,961. The total costs, including stamp duty and related taxes, amounted to ₹3,33,25,590, which the appellant claimed was financed through a loan from the State Bank of India (SBI).
