Rental Income Dispute Remanded as Appellate Authority Overlooked Material Issues

Barons Inn Vs ITO (ITAT Bangalore) The appeal before the ITAT Bangalore arose from an order of the National Faceless Appeal Centre (NFAC) for Assessment Year 2020-21. The reassessment order had been passed under Sections 147 read with 144 of the Income-tax Act, 1961, determining the assessee’s total income at Rs. 62,96,782 as against the returned income of Rs. 6,71,632. An addition of Rs. 56,06,865 was made on the ground that rent receipts amounting to Rs. 80,09,807 received from Speciality Restaurants Limited and another party had not been disclosed under the head “Income from House Prope...