ITAT Allows Reassessment of ₹50 lakh property purchase Addition

Miteshkumar Dhanjibhai Patel Vs ITO (ITAT Ahmedabad) The ITAT Ahmedabad has granted Miteshkumar Dhanjibhai Patel a second chance to prove the source of a ₹50 lakh property purchase. The tax authorities had initially added the entire amount to his income for the 2011-12 assessment year as an unexplained investment, as he had not filed a return of income or explained the source of the funds during the assessment proceedings. His initial appeal to the CIT(A) was also dismissed. However, during his appeal to the ITAT, the taxpayer presented new evidence. His legal representative argued that out ...