Mumbai ITAT Deletes ₹7 Lakh Section 69 Addition for Non-Resident Assessee

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. On o...