Case Law Details
Narasimha Rao Venkata Lakshmi Nandury Vs ITO (ITAT Hyderabad)
In a recent Income Tax Appellate Tribunal (ITAT) case in Hyderabad, the tribunal passed a noteworthy order in the case of Narasimha Rao Venkata Lakshmi Nandury Vs ITO. The court ruled that a meritorious case should not be dismissed at the outset, particularly when the litigant has produced valid documents.
Case Analysis:
The case involved an individual, Narasimha Rao Venkata Lakshmi Nandury (“the assessee”), who was a non-resident, earning remuneration from M/s. LES Energy Services Limited, Nigeria. The assessee had purchased an immovable property and made an investment in Fixed Deposit but did not file a return of income for the assessment year 2015-16, believing his income to be non-taxable in India.
The assessing officer, upon noticing these transactions, issued a notice to the assessee. After various assessments and submissions from the assessee, the officer concluded that the source for the investment made towards the acquisition of the property was not verifiable and proposed to tax an unexplained amount of Rs. 2.60 crores.
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