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Mumbai ITAT Deletes ₹7 Lakh Section 69 Addition for Non-Resident Assessee
Case Law Details
- Case Name
- Faisal Badruddin Shitware Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Faisal Badruddin Shitware Vs ITO (ITAT Mumbai)
Non-Resident Gets Relief – Mumbai ITAT Deletes ₹7 Lakh Addition – Jewellery Sale & NRE Withdrawals Accepted-– Tribunal Quashes 69 Addition on Property Investment
Assessee, a non-resident employed in Dubai, did not file return of income for AY 2016-17. AO noticed investment of ₹55,03,000 in property & bank interest of ₹13,138, leading to notice u/s 148 on 16.03.2023. As no reply was filed to 148A(b) notice, reassessment was initiated. In draft order, AO proposed addition of ₹31,33,620 u/s 69 as unexplained investment.
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