Fresh Assessment Ordered as Assessee Seeks Opportunity to Explain Foreign Currency Purchases

Sonepal Singh Kohli Vs ITO (ITAT Mumbai) The appeal before the ITAT Mumbai challenged the final assessment order passed under Section 144 read with Section 144C(13) of the Income Tax Act, 1961 for Assessment Year 2017-18 pursuant to the directions of the Dispute Resolution Panel (DRP). The assessee, a Non-Resident Indian (NRI) residing in the USA since 2012, had not filed a return of income under Section 139(1) for the relevant assessment year. Based on information available in the ITBA/Insight Portal, the Assessing Officer noticed certain transactions during the year, including payments made ...