Section 56 & 69 Additions deleted After Reassessment Proceedings Quashed

Sanjay Shantilal Dave Vs Assessment Unit Income Tax Department (ITAT Mumbai) The present appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai, arose from an order passed by the National Faceless Appeal Centre (NFAC), Delhi under Section 250 of the Income Tax Act, 1961, for Assessment Year 2017–18. The impugned order originated from reassessment proceedings conducted by the Assessing Officer under Sections 147 read with 144B of the Act, dated 18 May 2023. The assessee, an individual, had filed a return declaring total income of ₹9,72,270. Based on information received, the Assessi...