₹70 Lakh Property Investment Claimed from Husband’s Gift Remanded for Verification: ITAT Mumbai

Advertisement Devyani Pravin Solanki Vs CIT (Appeals) (ITAT Mumbai) The assessee appealed against the order of the CIT(A) arising from an assessment completed under Sections 147 read with 144 and 144B of the Income-tax Act, 1961 for AY 2020-21. The Assessing Officer initiated reassessment proceedings after receiving information that the assessee had purchased an immovable property for ₹70,00,000 and had earned bank interest of ₹69,750 during the relevant financial year. As the assessee did not file a return of income and did not respond to notices issued under Section 142(1), the assess...