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Co-owned property, income tax additions must be limited to assessee’s share: ITAT Mumbai
Case Law Details
- Case Name
- Rajesh Laxmichand Jain Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Rajesh Laxmichand Jain Vs ITO (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT), Mumbai, has set aside the order of the Commissioner of Income Tax (Appeals) and remanded the case of Rajesh Laxmichand Jain back to the Assessing Officer (AO) for a fresh review. The dispute revolves around a tax addition of ₹1.10 crore that the AO had made, treating the entire investment in an immovable property as an unexplained investment under Section 69 of the Income Tax Act, 1961.
The case for the Assessment Year 2016-17 began when the assessee, an individual, failed to file a tax ret...
