Co-owned property, income tax additions must be limited to assessee’s share: ITAT Mumbai

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 return. The AO, havi...