ITAT Deletes ₹2.5 Cr Addition After Verifying Loan Trail; Penalty u/s 271(1)(c) Reconsidered

Bhavani Iyer Vs ITO (ITAT Mumbai)

ITAT Mumbai Accepts Audited Books, Restores Profit at 68.19% of Professional Receipts & Upholds Deletion of ₹2.5 Cr Investment Addition; Penalty u/s 271(1)(c) Remanded

Assessee, a scriptwriter with regular tax compliance history, faced a reopening u/s 147 on two grounds— (i) alleged unexplained investment of ₹2.50 crore in a Versova flat, & (ii) professional receipts of ₹1.09 crore treated as income without allowing any expenses due to ex-parte assessment.

Before CIT(A), additional evidence was admitte

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