Case Law Details
Case Name : Bhagirathi Krishnan Vs ITO (ITAT Delhi)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Delhi
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Bhagirathi Krishnan Vs ITO (ITAT Delhi)
AO issued notice u/s 148A(b) on 15.02.2023 alleging investment of ₹70 lakh in property & trading transactions, claiming escapement > ₹50 lakh. Assessee replied same day explaining that ₹62 lakh was paid by her husband (supported by bank statements & his ROI showing income of ₹48.87L & ₹72.25L) & balance was from her past savings and gifts. She also showed losses in SBI shares & F&O. AO ignored all these and issued 148 on 25.03.2023—beyond 3 years from end of AY 2016-17—and ultimately made additions of only ₹7,25...
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