ITAT Upholds Reopening but Deletes ₹9.5 Crore Addition After Property-Wise Verification

Parveen Aggarwal Vs ACIT (ITAT Delhi) The Delhi ITAT allowed an assessee’s appeal, deleting Rs. 9.49 crore of unexplained credit additions after verifying bank entries with sale deeds, refunds, and transfer documents. The Tribunal upheld the reassessment’s validity but sustained only a nominal addition of Rs. 21,999, confirming that a lack of inquiry in the original assessment provided valid reasons to believe income escaped. In these cross-appeals, Assessee (an individual) challenged the reassessment u/s 147/148 made by ACIT, Central Circle-14, wherein additions of ₹10.80 crore...