NRI Property Purchase: Income Tax Reassessment Quashed for lack of basis

Namrata Jain Vs ITO (Rajasthan High Court) The Rajasthan High Court addressed a case where Namrata Jain, an NRI residing in the USA for over 15 years, challenged an income tax reassessment initiated under Section 148A(d) of the Income Tax Act, 1961. The dispute arose from her purchase of an immovable property in India for ₹95,00,000 during the assessment year 2016-17. The Income Tax Department, acting on information regarding the property purchase and the petitioner’s failure to file an income tax return, issued a notice under Section 148A(b). Jain responded, providing details of her U...