Investment Addition Deleted: ITAT Rejects ₹1.23 Cr NMS Data Based on Actual Sale Deed

Mitu Mohindru Vs ACIT (ITAT Delhi)

AO Blindly Relies on NMS Data, ITAT Deletes ₹1.23 Cr Addition Based on Actual Sale Deed of ₹30 Lakh

In this case, Assessee did not file return for A.Y. 2016-17. Based on NMS data, AO noticed that Assessee had (i) purchased an immovable property allegedly for ₹1,23,00,000 & (ii) received interest income of ₹19,063. Accordingly, reassessment was initiated u/s 147 & final assessment order was passed u/s 147 r.w.s. 144C(13) making addition of ₹1,23,00,000 u/s 69 as unexplained investment.

Assessee contended before Tribu

Please become a Premium member. If you are already a Premium member, login here to access the full content.