ITAT Deletes ₹13.73 Lakh Property Addition After Verifying FD Source

Uday Ramesh Nayak Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has deleted an addition of Rs. 13.73 lakh made by the tax authorities to the income of an individual, ruling that the source of investment in a property was adequately explained. The case, involving Uday Ramesh Nayak and the Assistant Commissioner of Income Tax (ACIT), International Taxation, Vadodara, for the Assessment Year 2018-19, centered on an alleged unexplained investment in a Mumbai property. The matter originated when the Assessing Officer (AO) received information regarding the asse...