ITAT Remands Case as AO Ignored Evidence Submitted Through Online Portal

Gangady Venkatram Reddy Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Gangady Venkatram Reddy Vs ITO, has effectively set aside an addition of ₹74,00,000 made by the Assessing Officer (AO) as unexplained investment under Section 69 of the Income Tax Act, 1961, for the Assessment Year (AY) 2015-16. The Tribunal found that the lower tax authorities had passed ex-parte orders without properly considering the documentary evidence submitted by the assessee and based the reassessment on an incorrect premise regarding the purchase of property. The case ...