ITAT Mumbai Upheld Reassessment on Undisclosed Property Transactions

Himanshu Manoranjan Bhatt Vs ITO (ITAT Mumbai) Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai addressed the case of Himanshu Manoranjan Bhatt vs ITO, where the assessee challenged the reassessment proceedings for the assessment year 2011–12. The dispute arose due to the non-disclosure of sale and purchase of immovable property in the original return. This article delves into the grounds of appeal, the reassessment proceedings, and the ITAT’s decision on the addition of Long-Term Capital Gains (LTCG). Detailed Analysis: Himanshu Manoranjan Bhatt, an individual assessee, f...